• 4 minutes 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 7 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 10 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 13 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 22 mins More dumbed down? re Hong Kong Act of Congress
  • 21 hours EU has already lost the Trump vs. EU Trade War
  • 21 mins U.S. Shale Output may Start Dropping Next Year
  • 56 mins Winter Storms Hitting Continental US
  • 2 hours U.S. Shale To Break Records Despite Bearish Rhetoric
  • 46 mins Aramco IPO magic trick
  • 24 hours Pope Proposes New Sin: Thou Shalt Not Destroy The Harmony Of The Environment
  • 19 hours What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?
  • 5 hours Petroleum Industry Domain Names
  • 2 hours Crazy Stories From Round The World
  • 1 day Article: Did Exxon only make $39 Million onshore U.S. last quarter ?
  • 20 hours PennEast Appealing Wacky 3rd Circuit Decision to Supreme Court
  • 1 day Visualizing Pennsylvania Oil & Gas Production (Through September 2019)
  • 1 day Last I Checked
  • 20 hours China 2019 - Orwell was 35 years out

Breaking News:

UK Oil Sector May Be Hit With More Taxes

Alt Text

Houthis Rebels Hijack Saudi Ship Carrying Oil Rig

The Iranian-aligned Houthis in Yemen…

Alt Text

North Sea Oil Is Doomed With Or Without Brexit

The seemingly endless Brexit saga…

Alt Text

Dirt Cheap Gasoline Is Fueling Colombia’s Cocaine Cartels

The Colombian cocaine industry thrives…

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
Download on the App Store Get it on Google Play