Crude oil exports surged to 2.331 million b/d last week – the highest weekly estimate on record from the Energy Information Administration. The new record high bested the last record which was set in mid-February of this year. And the crude export rate has doubled since the same time last year. This surge in exports is attributed to Congress and the Obama Administration lifting the 40 year crude export ban in 2015.
Steadily increasing 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.