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Amid Saudi-Russia price war, US on track to become net oil importer: Report

The coronavirus and the Saudi-Russia oil price war are contributing to a fall in US oil production and the United States is expected to become a net oil importer again in the fall.
The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. Picture taken November 24, 2019.  REUTERS/Angus Mordant - RC23NF9H59Z2

The United States will soon import more oil than it produces, with production expected to decline by some 500,000 barrels per day in 2020, a government report finds. 

In its report released Tuesday, the US Energy Information Administration says it expects the United States to become a net importer of crude oil and petroleum during the third quarter of 2020. 

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