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Oil in Global Economy Series: U.S. oil exports now beat majority of OPEC members

The crude oil exports from the United States are quickly becoming a key influencing factor in the global oil market, which even after more than three years of price decline remains oversupplied. According to data from the U.S. Energy Information Administration (EIA), crude oil exports from the United States reached the highest level of 1.984 million barrels per day, which is higher than the majority of the OPEC members. If products are included, the exports reached 7.02 million barrels per day.

As of September 2017, eight out 13 OPEC members like Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Libya, Qatar, and Venezuela are exporting less than the United States. Only Saudi Arabia, Iraq, Iran, Kuwait, UAE, and Nigeria are exporting more. By next year, U.S. oil exports are likely to surpass all the OPEC members except for Saudi Arabia and Iraq as the U.S. President Donald Trump and the Secretary of State (former chief of ExxonMobil) Rex Tillerson are pushing U.S. crude exports as a part of their foreign policy and with an aim to reduce U.S. trade imbalance. For example, India’s state-owned oil refineries are importing U.S. crude for the first time ever in 2017.

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