Oil cargoes departing from OPEC nations to the US fell to 1.63 million barrels per day last month, down from 1.80 million bpd in November and 1.78 million bpd in October, according to the data. Vessels last month carried about 534,000 bpd from Saudi Arabia to the US, down from 632,000 bpd in November. Algeria sent 10,000 bpd, down 94,000 bpd, and Nigeria shipped 103,000 bpd, down by 48,000 bpd, according to Kpler. US crude oil production was at record levels in 2018, with the EIA forecasting that 2018 annual crude oil production would reach 10.9 million bpd, surpassing the previous annual high of 9.6 million bpd set in 1970. The country’s oil exports averaged 1.9 million bpd in 2018, about twice the amount that was exported in 2017.

Source: Punch January 04, 2019 03:33 UTC