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U.S. Now Exporting as Much Oil as Some Gulf Countries

Written by Alison Sider at The Wall Street Journal

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U.S. crude exports are blasting through records, approaching a level that is almost as much as Kuwait sends abroad. U.S. crude exports surged to a record 1.984 million barrels a day last week– an increase of close to 500,000 barrels a day from the previous week’s level, which was also a record. The export rate is more than twice as high as it was a month ago. Until these last two weeks, the most that had ever been shipped from U.S. shores was 1.3 million barrels of crude a day—a level reached in May. Kuwait ships more than 2 million barrels of oil abroad per day. The U.S. is still an oil importer. But net imports of crude fell to a record low last week, analysts at Citigroup said in a research note.

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Written by Alison Sider at The Wall Street Journal

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