from Statista.com
— this post authored by Sarah Feldman
OPEC began a week-long meeting in Vienna yesterday. The oil cartel has agreed to cut production by 1.2 million barrels per day, with the exception of Iran. As of today, the U.S. is a net oil exporter for the first time in 75 years, meaning the amount of crude oil the United States exports exceeds the country’s imports.
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According to the U.S. Energy Information Administration, since 2000 the U.S. was importing over 5 million barrels of petroleum products per day from OPEC countries. In 2017 that has fallen to just above 3 million barrels of petroleum products per day, a roughly 35 percent drop in imports.
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