As OPEC Cuts, U.S. Oil Exports Surgeby Will Brackett
The week OPEC agreed to extend oil-production cuts for another nine months, U.S. crude exports hit a new record.
The amount of oil U.S. exporters sent abroad climbed to 1.3 million barrels a day late last month, according to Energy Department data.
By comparison, 24 countries including Saudi Arabia and Russia made a pact in late May to keep 1.8 million barrels a day off the market through the first quarter of next year.
The surge in U.S. exports began in January, the first month of OPEC’s cuts. Oil exports climbed to 834,000 barrels a day in March, up from 442,000 barrels a day in December. The bulk of the nation’s oil, extracted from dense rock that drillers once believed was inaccessible, have been shipped to competitive import markets in Asia.
It’s one of the reasons oil prices have languished around $50 a barrel in recent months.