U.S. Oil Exports Hit Record Highs, Poised to Become Largest Export Item This Year

Oil is on track to be the largest export item for the U.S. this year for the first time in history.

U.S. oil production and exports have grown rapidly since the ban on crude exports was lifted in 2015.

Europe was the top destination for U.S. crude exports in the first half of 2023.

U.S. oil exports hit a record high average of 3.99 million bpd in the first half of 2023.

WTI Midland was added to the Brent crude benchmark in June due to rising U.S. oil exports.