U.S. oil imports fall to record low

U.S. crude-oil imports fell to the lowest level in almost 16 years as domestic output rose, Bloomberg reported on January 3, citing the Energy Information Administration.

Shipments of foreign crude fell 1.1 percent to 7.41 million barrels a day, the fewest since January 1998, based on the four-week average through Dec. 27, according to data released by the EIA, the Energy Department’s statistical arm. U.S. crude output surged to a 25-year high on rising production from shale formations.

Net imports were 7.35 million barrels a day, the least in data through November 2001, the EIA said. On a weekly basis, imports decreased 0.5 percent to 7.5 million on Dec. 27 after falling to 6.86 million on Dec. 6, the least since January 2000.

Exports of refinery products averaged 3.49 million barrels a day in the four weeks to Dec. 27, the most in data through 1991, the EIA said.

U.S. oil demand slid 7.2 percent in the week ended Dec. 27 to 19 million barrels a day, the EIA said. Consumption reached a five-year high of 21 million in the week ended Dec. 13.

Copyright: Bloomberg, 2014