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Crude oil glut silencing calls for US crude exports

Focus Oil glut silences calls for US crude exports

Focus story by Ignacio Sotolongo

HOUSTON (ICIS)--The chorus of calls to end the longtime ban on US crude oil exports has quieted in recent weeks as crude prices have fallen precipitously due to a global oversupply.

Thanks to a wealth of oil production unlocked in recent years by the shale oil revolution, recent data from the Energy Information Administration (EIA) showed US crude oil production averaging 8.5m bbl/day, the highest level since 1987. In its monthly short-term energy outlook, the EIA expects production to average 9.3m bbl/day in 2015. By comparison, top global oil producer Saudi Arabia produces around 11.5m bbl/day.

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