Oil falls as US shale oil output hits record high
US output is set to rise to 7.7-million bpd in November, as Iran exports fall on US sanctions
London — Oil prices fell on Tuesday on expectations of an increase in US crude inventories, but reports of a fall in Iranian oil exports helped limit losses. Brent crude was down 80c a barrel at $79.98 by 8.25am GMT. US light crude was 60c lower at $71.18. US crude stockpiles are expected to have risen last week for the fourth straight week, by about 1.1-million barrels, according to a Reuters poll ahead of reports from the American Petroleum Institute (API) and the US department of energy’s Energy Information Administration (EIA). US oil production has increased steadily over the past five years, reaching a record high of 11.2-million barrels per day (bpd) in the week to Octpber 5, EIA data showed. But infrastructure within the biggest US shale producing area, the Permian basin, has not kept pace with rising output, filling domestic tanks. “Once pipelines and oil terminals are built connecting the Permian to the US Gulf Coast, there will be big step-up in US crude oil exports,” Har...
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