US shale producers export record 1 million barrels of oil per day to world market as OPEC cuts back
U.S. oil producers sent a record 7 million barrels of crude out into the world market last week, at a time when OPEC members have cut back on their own output by nearly the same amount.
Analysts say it makes sense that U.S. crude slipped into the market void created by OPEC. It may also be a glimpse into the future where the U.S. and its shale production becomes a more significant player in the world export market. The 1 million barrels a day is nearly double the week-earlier level.