United States becomes the world's largest crude oil exporter

The United States of America has overtaken Russia and Saudi Arabia to become the world's biggest exporter of crude with 11.6 million barrel per day (bpd), according to data released by the Energy Information Administration (EIA) on Wednesday.

This represents a 22.2 percent increase in production for 2018 and the EIA is expecting the figure to hit 12 million bpd by mid-2019, due to a surge in the country's shale oil production.

Russia and Saudi Arabia averages 10.8million bpd and 10.5million bpd.

The remarkable increase in the US exporting power has kept crude oil prices from  spiking.

On Thursday, Front-month Brent crude oil futures were at $72.27 a barrel at 0800 GMT, up by 0.3 percent, from their last close while U.S. West Texas Intermediate (WTI) crude futures were at $61.95 per barrel, a 0.4 percent increase, from their previous settlement.

Imports also went up by 8.1 percent in the first 10 months of 2018 from the same period last year to 9.06 million bpd, on track for another record year of shipments.

China's crude oil imports in October jumped by 32 percent from a year earlier to 9.61 million barrels per day (bpd), data from the General Administration of Customs showed on Thursday.

"Crude oil imports rose … as uncertainty around tariffs on U.S. imports and sanctions on Iran eased," said ANZ bank following the data release.

"We also saw demand from China's independent refineries rise," it added.

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