At 2.57 million b/d, crude exports last week saw the highest estimated rate ever recorded in the Energy Information Administration’s (EIA) weekly petroleum status report. According to EIA, the new record rate was 690,000 b/d more than the previous week and 1.48 million b/d more than this time last year. The surge in exports is attributed to growth in domestic crude production, which hit a record high of 10.72 million b/d last week, and Congress and the Obama Administration lifting the 40 year crude export ban in 2015.
Steady growth in crude exports from the U.S. will likely put another spotlight on the crude reduction agreement between OPEC and non-OPEC producers, which is set to expire at the end of 2018. Amid rising global demand and reduced output from OPEC and its partners, including Russia, the U.S. has been able to sell more crude to foreign buyers.