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"U.S. on track for trade surplus with OPEC"

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  • "U.S. on track for trade surplus with OPEC"

    Oil price plunge puts U.S. on track for trade surplus with OPEC

    Nathanial Gronewold, E&E reporter
    EnergyWire: Monday, June 22, 2015

    The United States may record an annual trade surplus with OPEC in 2015, after decades of posting nothing but deficits.

    It's a startling turn of events that can be tied directly to the shale oil boom, and the crude price plunge that is now challenging the oil and gas industry in the United States.

    The United States has never run an annual surplus with the members of the Organization of the Petroleum Exporting Countries collectively as far back as numbers are available. The statistics have historically shown only persistently large and ever-expanding trade deficits from 1985 on, reflecting past U.S. dependence on imported oil from OPEC members.

    But that trend stopped in 2011 and reversed, then gained momentum in the other direction in 2014. The Bureau of Economic Analysis (BEA) posted revised figures for U.S. international transactions Thursday. The updated statistics still show a trend away from deficits with OPEC and toward surpluses instead.


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