(Web Desk) - In the week ending April 17, US exports of crude oil and petroleum products reached nearly 12.9 million barrels per day, hitting new record highs, according to the US Energy Information Administration.
Statistics from the agency show an upward trend in the country's recent total crude oil and products exports, reports CCTV.
From April 11 to 17, crude oil exports were roughly 4.8 million barrels per day, while crude oil product exports amounted to nearly 8.1 million barrels a day, both creating new records.
Matt Smith, an analyst from Kepler, reckoned that as the war in the Middle East continues, the global market is forced to find alternative suppliers for crude oil and petroleum products, which has driven up US fuel exports.
However, some analysts also warned that although the increase of US fuel exports has brought substantial profits for energy enterprises, the rising fuel prices are likely to further intensify domestic inflation.