More countries are demanding oil imports coming in from the US.
U.S. crude oil exports are surging and going to a growing number of buyers around the world, including to the fastest-growing demand centers in Asia, the traditional stronghold of the Middle Eastern oil exporters.
Booming U.S. production, expanding pipeline and export capacity, and the more than $3-a-barrel discount of WTI spot prices to Brent supported the surge in U.S. oil exports last year.
This year, it looks like these three key drivers of American exports—higher production, higher capacity, and higher WTI-Brent discount—are here to stay, leading to a continued increase in overseas shipments, much to the frustration of OPEC exporters whose market share of the prized Asian market is starting to erode...
Source: businessinsider.com