The pace of exports hit 1 million barrels a day this year, contributing to the downward pressure on crude prices
The U.S. exported 1 million barrels of oil a day during some months so far this year—double the pace of 2016—and is on track to average that amount for all of 2017, according to a Wall Street Journal analysis of data from the U.S. Energy Department and the International Trade Commission.
.. While U.S. exports make up just 1% of global oil volumes, they are a new factor helping to tamp down prices and keep them rangebound between $45 and $55 a barrel.
..The U.S. still imports a lot of foreign crude, averaging 10 million barrels a day last year, because it is the world’s No. 1 oil consumer. But that level has dropped sharply in recent years.