Will U.S. Crude Oil Exports Smash Records Again This Year?

Crude oil and refined petroleum product exports from the United States hit a record high last year, turning the country into a net exporter. This year, as more economies are returning to growth, there’s space for further growth. However, there is also increased competition. According to data from the Energy Information Administration, the U.S. exported 8.51 million barrels of crude oil and oil and gas products in 2020, versus imports of 7.86 million barrels. Exports of crude oil alone stood at 3.18 million bpd, which is less than half of…