U.S. Now Exporting as Much Oil as Some Gulf Countries

U.S. crude exports surged to a record 1.984 million barrels a day last week– an increase of close to 500,000 barrels a day from the previous week’s level, which was also a record.

The export rate is more than twice as high as it was a month ago. Until these last two weeks, the most that had ever been shipped from U.S. shores was 1.3 million barrels of crude a day—a level reached in May.

Kuwait ships more than 2 million barrels of oil abroad per day. The U.S. is still an oil importer. But net imports of crude fell to a record low last week, analysts at Citigroup said in a research note. Almost all of the foreign crude brought to the U.S. last week was from Canada

.. Canada remains the biggest destination for barrels leaving the U.S., according to federal data as of July. But Latin America, Europe and increasingly, Asia, are also clamoring for the oil.

China has emerged as the second-largest buyer of U.S. oil this year.