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US crude oil exports, production on the upswing

US crude oil production hit the 12 million-barrel-per-day mark last week, while crude export volumes climbed to an all-time high of 3.6 million bpd, shattering the previous record of 3.2 million bpd in November, preliminary data from the Energy Information Administration show. The record-breaking figures come in the wake of surging US shale output, which is expected to reach 8.4 million bpd next month.

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