Major Singapore newspaper Sinchew recently reported that, ever since the U.S. lifted the ban on its oil exports, U.S. oil has been flooding the world from large countries like China and India to small nations like Togo in West Africa. With the U.S. “Shale Oil Revolution,” American oil nowadays has caused a decrease in the global oil price and weakened the influence of OPEC. The U.S. oil output is now equal to Saudi Arabia and is only behind Russia. A large portion of U.S. oil exports go to China. In fact, since November last year, China has been the biggest importer of U.S. oil. Starting in October of last year, U.S. oil also entered the Indian market, which is the third largest oil importer in the world. Starting last November, the U.S. quickly became the fifth largest oil supplier of France. Ports in Texas and around the Gulf of Mexico are undergoing heavy construction in order to expand.
Source: Sinchew, February 9, 2018