As predicted in these columns more than a year ago, the U.S. has now become a major exporter of crude oil in a short time period, exceeding a million barrels a day and verging on going higher.
This unexpected surplus in world supply has played havoc with OPEC, whose 30 million barrels a day had combined with nonmember Russia (10 million barrels a day production) to cap its output of Brent crude for prices to work their way higher.