U.S. oil exports jumped to a record high in February, rising by a whopping 35 percent from a month earlier. At over 1 million barrels per day (mb/d), the U.S. became a larger exporter than a handful of OPEC members, including Ecuador, Gabon, Libya and Qatar. The U.S. used to prohibit the export of crude oil, a prohibition that was removed at the end of 2015. Since then, exports have inched up bit by bit. But in the fourth quarter of 2016, exports began to surge, a rapid rise that has extended into this year. In February, the latest month for which data is available, U.S. exports climbed to a record high 31.2 million barrels. (Click to enlarge) There are multiple reasons for the sudden uptick in exports. First, of course, is the OPEC production cuts. The reduction of Middle Eastern crude has made U.S. oil more competitive in […]