United States will probably outpace all its rivals on the oil market in terms of export growth next year, forecasts Citigroup.
Amid robust output increase in the United States to unprecedented levels and considering production caps imposed inside OPEC members, the US will probably become the world’s largest exporter of black gold, Citigroup believes.
According to the US Department of Energy, last week US oil exports rose to the new record highs of 8.3 million barrels per day. At the same time Saudi Arabia has been exporting 9.3 million barrels and Russia 7.4 million barrels, calculated in the bank. Continue reading