As oil price rose, exporters cut shipments

The world’s top oil producers are currently proving unable to generate more barrels on demanding world markets, despite surging prices


There are several reasons behind the net-export decline.

Soaring profits from high price crude have fueled a boom in oil demand inside Saudi Arabia and across the Middle East, leaving less oil for export.

At the same time, aging fields and sluggish investments have caused exports to drop significantly in Mexico, Norway and, most recently, Russia.

The Organization of Petroleum Exporting Countries also cut production early last year and didn’t move to boost supplies again until last fall.

The Desert Sun