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Texas flood: U.S. oil exports pour into markets worldwide
February 8, 2018 1:06 AM ESTBy Catherine Ngai, Libby George and Florence Tan
NEW YORK/LONDON/SINGAPORE (Reuters) - In the two years since Washington lifted a 40-year ban on oil exports, tankers filled with U.S. crude have landed in more than 30 countries, ranging from massive economies like China and India to tiny Togo.
The repeal has unleashed a flood of U.S. shale oil, undercutting global crude prices, eroding the clout of the Organization of Petroleum Exporting Countries (OPEC) and seizing market share from many of its member countries.
In 2005, before the shale revolution, the United States had net imports... More
