The US Gulf Coast exported more crude oil than it imported in the final two months of 2018, a milestone driven by booming domestic production and falling shipments to the region.

According to a report by the US Energy Information Administration, gross exports of crude oil from the Gulf Coast hit a record 2.3 million barrels per day in December, while gross imports were at their lowest since March 1986 at less than 2 million bpd. The monthly net trade of crude oil in the region fell from a high in early 2007 of 6.6 million barrels per day of net imports to 400,000 bpd of net exports in 2018.

Gulf Coast imports from Opec countries also fell, from an average of 1.5 million bpd in the first half of 2018 to 1.1 million bpd in December.

The achievement of net exporter status is not unexpected. Market watchers have been expecting the US to become a net exporter of petroleum this year, due in large part to soaring output from shale.

In November 2018, US Gulf Coast crude oil production set a new record of 7.7 million bpd, according to the EIA. While the increased output is mostly of light, sweet crude oils, US Gulf Coast refineries are configured mostly to process heavy, sour crude oils.

"This increasing production and mismatch between crude oil type and refinery configuration allows for more of the increasing US crude oil production to be exported," the EIA said.

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US Gulf Coast hits export milestone