US oil exports renew threat to OPEC

Between the third and last week of March 2017, the US sent more than 1 million barrels per day of crude oil out of the country, the third largest week of export of the world and twice the average exported in 2016. It is also the third time this year that US exports exceeded one million barrels.

In addition to oil, the North American producers also exported fuel. The US sold 1.1 million barrels of diesel fuel, in line with the recent average.

According to the oil and gas analysts, the jump in US exports means that producers are gaining more shares at the expense of the Organization of Petroleum Exporting Countries (OPEC) and its member countries, at a time when the cartel and other producers are considering should extend its business to keep 1.8 million barrels of oil off the market.

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