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Crude oil storage tanks are seen from above at the Cushing oil hub in Oklahoma on Mar. 24, 2016. (NICK OXFORD/REUTERS)
Crude oil storage tanks are seen from above at the Cushing oil hub in Oklahoma on Mar. 24, 2016. (NICK OXFORD/REUTERS)

U.S. crude oil export surge signals shifting global benchmarks Add to ...

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The United States is exporting record volumes of crude oil, a new trade that is not only helping to reduce the country’s trade deficit but is also shifting the balance of market power in energy terms toward the West.

The confirmation came this month when the United States’ Energy Information Administration signalled in its weekly report that crude-oil exports had doubled to one million barrels a day. Only a decade ago, barely any U.S. barrels found their way beyond the country’s borders. Oil terminals and refineries on the U.S. Gulf Coast were then unloading vast quantities of crude from West Africa and the Middle East, but today, the trade in liquid energy is substantially rebalancing, with exports of gasoline and diesel to Latin America and crude oil to refineries in Canada’s Eastern Provinces and to Western Europe.

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