Why are we importing oil from anywhere when we are exporting our own sweet crude that is already here?
HOUSTON, May 26 (Xinhua) — U.S. crude oil imports decreased while exports increased during the week ending May 21, the U.S. Energy Information Administration (EIA) said Wednesday.
U.S. crude oil imports averaged 6.3 million barrels per day (b/d) last week, down by about 138,000 b/d from the previous week, while crude oil exports averaged about 3.4 million b/d, up by about 127,000 b/d from the previous week, according to the Weekly Petroleum Status Report.
Over the past four weeks, crude oil imports averaged about 5.9 million b/d, up by about 31,000 b/d year on year, while crude oil exports averaged about 3.2 million b/d, down by about 208,000 b/d year on year.
The United States has become a major oil producer in the past years with the help of its shale oil production growth. Meanwhile, China has become one of the biggest oil importers.
According to the latest release from the Chinese National Bureau of Statistics, China imported 40.36 million tonnes of crude oil in April, down 0.2 percent year on year. Enditem