Petrol: Exports from the US is on 23-year high

The United States, a key consumer of oil, surely climb up the world rankings in terms of its largest exporters. According to the latest data last week, the country exported 1.03 million barrels per day of crude oil, which is a record high for the past 23 years. The average volume of exports during the first six weeks of 2017 amounted to 695,000 barrels per day against 450,000 during the same period last year.

US production is increasing, and demand is still low due to the fact that many processing plants were closed for maintenance, analysts say. Oil available for export, since the agreement of OPEC reduces supply of black gold, they added. In December 2015 the United States had canceled a law that did not allow to do so.

According to forecasts of experts, this year the average volume of exports of crude oil in the US will be 650,000 to 800,000 barrels per day, which is higher than production in December of OPEC members such as Libya, Qatar, Ecuador and Gabon.