According to estimates, the United States has significantly expanded its crude exports amid surging demand.
From January through September, oil was America's top export commodity. As a result, revenues from oil exports rose to $86 billion for the first time since 2009.
Between 2009 and 2021, petroleum products and aircraft ranked first among the top products exported from the United States, and in 2022 - crude oil. In 2023, the latter took the top spot, displacing both petroleum products and aircraft.
Airplanes are currently third on the list, followed by liquefied natural gas (LNG), which entered the top five in 2021. Automobiles round out the top five categories of goods shipped overseas. Prior to 2021, the five most exported products in the US included pharmaceuticals, smartphones, microchips, and auto parts.
Notably, US crude production rose to a new record of 13.24 million barrels per day in September. As a result, oil prices dipped, even despite fresh supply cuts announced by OPEC+.
