The US exported a record amount of crude oil in November after five years of production growth that has made the country the most oil independent in 20 years, Bloomberg has reported.
Shipments grew 34% to average 502,000 bpd in November, the most on record dating back to 1920, data from the US Census Bureau and the Energy Information Administration showed. The previous peak was 455,000 in March 1957.
The US is now the 17th largest exporter, as fracking has boosted output by 66%.
While exports of all grades of US crude light, heavy and condensates from natural gas surged in November, those of light oil were largely responsible for the increase. They jumped to 430,739 bpd in November from 330,761 bpd the previous month. Heavy crude exports increased to 26,128 bpd in November from 17,505.