• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 9 hours Biden admits he has been tested for Cognitive Decline several times. Didn't show any proof of test results.
  • 56 mins Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 31 mins During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 12 hours Apology Accepted!
  • 4 hours Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 14 hours U.S. natural gas at major disadvantage in Europe and China.
  • 15 hours Biden came out of his basement today (Thursday) and said , "we have 120 Million deaths from Covid 19.
  • 3 hours Why Oil could hit $100
  • 3 hours The Political Genius of Donald Trump
  • 15 hours Putin Paid Militants to Kill US Troops
  • 20 hours CoVid in Spain, 9 months before China
  • 20 hours Per most popular Indian websites it was Indian troops not Chinese troops breach of LAC that caused the clashes. If you know any Indian media that claim to the contrary please provide the link
  • 20 hours The world is headed for big problems - interview with very smart economist

Breaking News:

OPEC Production Falls To Three Decade Low

U.S. Shale Struggles For Survival

U.S. Shale Struggles For Survival

U.S. shale drilling activity has…

Oil Prices Fall Back Below $40 On New COVID Fears

Oil Prices Fall Back Below $40 On New COVID Fears

Oil prices have fallen below…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

The U.S. Oil Industry Just Did Something It Hasn't Done In 40 Years

The first trade surplus in petroleum in more than forty years helped the U.S. post a lower trade deficit in September compared to August, but overall U.S. exports and imports in all sectors also declined as trade spats, tariffs, and slowing global growth weighed on trade.

For the first time since 1978, the U.S. recorded a surplus in the petroleum trade, at US$252 million in September, government data showed on Tuesday. The value of petroleum exports stood at US$14.966 billion, while imports were at US$14.714 billion. Both exports and imports in petroleum products in September were lower than in August, which also contributed to the first surplus in the oil trade in 41 years.

The total American deficit in international trade of goods and services fell to US$52.45 billion in September from US$55.036 billion in August, with both imports and exports lower in September than in August.

Year to date, the largest trade deficit in goods for the U.S. was with China, at US$263.2 billion, and China was the top country from which America imported goods in the first nine months of 2019, U.S. trade data showed. China was the third-largest U.S. trade partner behind Mexico and Canada.

As part of the ongoing U.S.-China trade talks, the two largest economies in the world are considering rolling back some of the tariffs to reach some kind of an initial agreement in the trade spat, The Wall Street Journal reported on Monday. Reports of positive developments in the trade talks sent oil prices rising by more than 1 percent at 11:00 a.m. EDT on Tuesday, with WTI Crude up 1.13 percent at US$57.18. Related: Dreams Of An Aramco IPO Are Fading Fast

Meanwhile, growing U.S. crude oil production and exports have resulted in America selling oil to more destinations around the world than the number of countries from which it imports crude oil.

Between January and July 2019, the largest number of sources of America’s oil imports fell to 27 in any of those months, the EIA has estimated. On the other hand, the number of destinations for U.S. crude oil exports rose, with exports to as many as 31 destinations per month in the first seven months this year.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Armondo DeCarlo on November 05 2019 said:
    60% of US crude is produced thru fracking. Average break even price is $60 bbl. Average WTI price the past 5 years is $53. The trade surplus is built on losing money – subsidized thru junk bonds.
  • Mehrdad Nematollahi on November 06 2019 said:
    President TRUMP should think GLOBAL !

    To overcome trade deficit . Americans can NOT compete with china and India,etc. in Manufacturing due to worker wage cost and american life style.
    BUT can export services and also have partnership and investment in Middle east and africa,etc.

    Strategic Mistake in slogan : AMERICA FIRST !

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News