08 Dec, 23

Growing U.S. Oil Exports Put Lasting Pressure on Prices

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Until 2015, U.S. crude oil producers were prohibited from exporting oil without a special license. In 2015, this changed. Since then, the U.S. has become a top-five exporter. This has been positive for supply security and consumers by keeping a lid on prices. It has not, however, been positive for OPEC, especially recently, as the cartel struggles to reverse the latest price decline. What’s more, U.S. exports continue to grow, expected to have hit yet another record last week. And WTI just fell below $70 per barrel on Thursday, meaning U.S. oil…

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