US imports of crude oil from Opec nations are at their lowest level in almost 30 years, underlining the impact of the shale revolution on global trade flows.
The lower dependence on imports from the cartel, which pumps a third of the world’s crude, comes amid advances in hydraulic fracturing that have propelled domestic US production to about 9m barrels a day – the highest level since the mid-1980s.
In August, Opec’s share of US crude imports dropped to 40 per cent – accounting for 2.9m b/d – the lowest since May 1985, according to Financial Times analysis of US Department of Energy data.
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