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Shale Boom Drives U.S. to Take Least OPEC Crude in Three Decades

  • Saudi oil shipments lowest to U.S. in 2018 since 1987: EIA
  • Venezuala turmoil weakens oil export flows to 29-year low
Drilling For Oil in The Eagle Ford Shale

Photographer: Eddie Seal/Bloomberg

Updated on

OPEC crude oil shipments to the world’s largest economy sank to a thirty-year low as part of an effort by the cartel and its allies to balance supplies and counteract America’s shale boom.

OPEC supply cuts that started in 2017 were extended in 2018. The end result was Saudi Arabia cutting exports to the U.S. by 9 percent to about 870,000 barrels a day in 2018. OPEC as a whole sent 17 percent less than the year before, and the least since 1987, according to the latest U.S. government data.