US hits record high in crude oil exports

US hits record high in crude oil exports

Crude oil exports in the US hit a record high, delivering a million barrels a day for the consecutive second week, and filled the gap in the world markets, which was created by OPEC cutbacks.

In the past week, Shale and other US producers delivered 1.2 million barrels of crude oil in world markets, up almost 2000,000 barrels a day as compared to the past week, according to Energy Information Administration’s data.

The production rose up to 9 million barrels per day in the previous week, a mark which was achieved in April 2016. The stockpiles are continuing to grow as the new production is increasing.

For the seventh week oil supply saw a growth in supplies, adding a smaller than expected 564,000 barrels.

In an effort to stabilise oil prices, the Oil Producing and Exporting Countries and non-OPEC producers, like Russia, have agreed to cut about 1.8 million barrels a day. Read More…

Credit By : India Info

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