Mubasher: US weekly crude oil exports hit an all-time high, registering 2.13 million barrels on Wednesday.
American crude oil production reached 9.55 million barrels a day, as reported by CNBC.
This comes as oil prices have been surging to record highs, with Brent crude oil exceeding the level of $61 on Tuesday for the first time since December 2014, and recording total monthly gains of 8% in October.
A recent Reuters’ poll showed on Tuesday that oil will most likely continue to rise in 2018, especially with the Organization of the Petroleum Exporting Countries’ (OPEC) output cut agreement expected to be renewed.
Compliance with the agreed production cuts reached 120% in September.
An OPEC summit will be held in Vienna on 30 November to decide on extending the agreement to cut output by around 1.8 million barrels per day from 1 January 2017 until March 2018.
OPEC officials have said the supply-cutting pact is likely to be extended beyond March, with Secretary General Mohammad Barkindo explaining that Saudi and Russian backing for an extension cleared the fog before the meeting in Vienna.
