U.S. Oil Exports Hit Record Highs
The U.S. exported a record amount of crude oil, topping a million barrels a day for a second week and filling the gap in world markets created by OPEC cutbacks.
Shale and other U.S. producers sent 1.2 million barrels of crude oil onto world markets last week, up nearly 200,000 barrels a day from the week earlier and about 350,000 barrels above the four-week average, according to Energy Information Administration data. Until recently, the U.S. was exporting about 500,000 barrels a day.
"OPEC's got a competitor. No doubt about it," said Kyle Cooper, a consultant with Ion Energy Group. "They certainly have to be concerned with U.S. oil producers eating into their market share."Read the whole article by clicking here.
U.S. producers have also ramped up production to 9 million barrels a day last week, a level last seen in April 2016. The new production is increasing even as the U.S stockpiles continue to grow. According to EIA, oil supplies grew for a seventh week, adding a smaller than expected 564,000 barrels.
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