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US oil exports reach record high in November

by ChemOrbis Editorial Team - content@chemorbis.com
  • 09/01/2015 (10:41)
According to media reports, US oil exports posted record highs in November. Over the past five years, the country’s oil production has increased significantly owing to shale oil developments, moving the country towards energy independence.

In November, oil exports from the US rose 34% to reach 502,000 barrels per day (bdp), which represents the highest level seen since 1920, according to data from U.S. Energy Information Administration (EIA).

Meanwhile, according to the US Commerce Department, the country’s trade deficit narrowed more than estimated in November thanks to the tumbling cost of petroleum imports. The US trade deficit narrowed 7.7% to $39 billion, the lowest level since December 2013. Imports were down 2.2% to post their steepest decrease since June 2013 while exports declined 1% to $196.4 billion from $198.3 billion in the preceding month.
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