American oil has found its way to the global oil market. After the ban on crude oil exports from the US was lifted in 2015, American oil has literally flooded the market. Currently, every fourth barrel of oil produced in the US goes for export. This autumn was the first time when the United States exported more petroleum than it imported since the records began in 1949. According to analysts, the difference will continue to grow. It is expected that total crude oil exports will average 750,000 barrels per day in 2020 compared with average net imports of 520,000 barrels daily in 2019. This boom in US oil production arises as a result of technical advancements in the industry. Today, the latest oil production technologies have significantly increased the drilling capacity and reduced its cost. Experts believe that in less than two or three years the US may overtake the leading oil exporting countries and later become the world’s major oil supplier. Besides, the number of buyers of the American oil is constantly expanding, with the European Union being the largest oil importer. The EU accounts for more than half of the US oil exports.
