US oil exports now reach historic record

Baku. 5 October. REPORT.AZ/ US oil exports reached 1.984 mln barrel/day on September 22-29 week which is a historic record.

Report informs referring to Energy Information Administration (EIA) of US Department of Energy, daily oil exports increased by 493,000 barrels or 33 % compared to the previous week.

Global Head of Oil Research for Societe Generale Mike Wittner said the US exports increased because the global oil market needed light oil. The reason for this was also the decline in seasonal demand in the US. Due to seasonal factors, oil prices may decline in the coming months.

Oil prices are also declining due to the fact that producers hedge themselves from these levels. Tortoise MLP & Pipeline fund manager Brian Kessens said, "oil workers use every opportunity to sell their futures contracts".

Notably, during September 22-29 week, US oil imports dropped by 213,000 barrels or 2.9 % and amounted to $ 7.2 mln barrel/day. As a result, net oil imports dropped by 706,000 barrels per day or by 11.9 % to 5.23 mln. barrel/day.