According to U.S. Energy Information Administration (EIA), U.S. crude oil exports in the first half of 2023 averaged 3.99 million barrels per day (b/d).
This is a record high for the first half of a year since 2015, when the U.S. ban on most crude oil exports from the United States was repealed. In the first half of 2023, crude oil exports were up 650,000 b/d (19%) compared with the first half of 2022.
The global demand for crude oil is increasing (not decreasing)
The U.S crude oil exports increased from about 500,000 b/d in 2015 to almost 4M b/d in 2023.
Other countries want and need U.S crude oil.
TerraManta asks the reader to learn on their own why the global demand for crude oil is still increasing. The data will be eye-opening.
800% increase in 8 years.
U.S. still imports more crude oil than it exports
Despite record exports, the United States remained a net crude oil importer in the first half of the year, according to EIA data, even with increasing domestic production, importing 8.836 million bpd in June—nearly half of which came from Canada.
Half of crude oil imported by the U.S came from Canada
Why does the United States continue to import crude oil?
Refineries in the United States are geared to process heavy, sour crude oil, while most of the oil produced in the United States is light, sweet crude.
U.S is the biggest produce of crude oil in the world
According to EIA, U.S. crude oil production is now at 12.9 million barrels per day, compared to 12 million bpd this same time last year. It is on par, however, with production levels at the end of 2019 and under the all-time weekly high of 13.1 million bpd that the U.S. saw in March 2020
Current U.S. oil production is near all time weekly high of 13.1M b/d in March 2020
The world will continue to require more crude oil
Because the world population continues to grow.
Commodities ran, run, and will run the world
TerraManta is the only company which applies machine learning to forecast commodity prices by continuously learning how geopolitical events influence fundamentals (supply, demand) and result in a price action as evidenced by markets behavior.
TerraManta welcomes serious inquiries from investors who want to see machine learning solve real problems in today's world.