Posted on 05/07/2019 5:42:29 AM PDT by Dacula
US refineries have upped their imports of Iraqi, Nigerian, Brazilian, and Angolan crude oil, with May volumes double that of April levels, data from Refinitiv Eikon showed on Monday. Oil imports from these countries to the United States spiked as oil supply from Iran and Venezuela dried up, and as reduced OPEC production made scarce heavy sour and even medium sour grades. Of note, Iraqi oil rose to 600,000 barrels per day in May, just in time for summer driving season to come, Refnitiv data showed.
(Excerpt) Read more at oilprice.com ...
In February 2019, the latest official data available by the US Energy Information Administration, pegged Iraqi oil imports to the United States at 11.828 million, or about 422,000 bpd. Venezuela’s imports to the US had already fallen significantly by February, at 6.7 million barrels for the month, or 239,000 bpd. Nigeria and Angola, too, are increasing their shipments to the US in May as well, at a combined 420,000 bpd, according to Refinitiv data, up from 19,000 bpd in February and up from 182,600 bpd in January. Venezuela’s oil production shortcomings have changed the face of US oil imports, causing refineries that had previously relied on the heavy crude to shop elsewhere for similar-grade crude—refiners such as Citgo, Valero, and Chevron. For Venezuela’s customers other than the United States, like India and China, US sanctions on Iran squeezed them even further. Already in March, shipments of Venezuela oil to India in April fell, and now India will even more strapped as its Iranian oil source is off the table as of last week when the waiver it had been given expired. Iran has not minced words when it comes to the notion of OPEC members picking up the slack where oil is concerned. Iran last week made bold claims that Saudi Arabia and UAE will “draw the death and collapse of OPEC” should they fill the void left by Iranian oil barrels being restricted in the market, chastising OPEC members who wielded oil as a weapon.
Suck ‘em dry.
We should have taken Iraqi oil.
Probably also an attempt to keep our oil prices down.
Would this not have an inverse effect. Less oil on the market means higher prices?
My thought is that president Trump stable oil price for WTI at $60 a barrel.
The refineries have retooled for summer blend and more American oil is available for US consumers and less oil for Russia and China.
Probably also an attempt to keep our oil prices down.
it truly amazes me there is that much oil in the ground. It also bolsters my life long opinion that Oil is not a fossil fuel. id say its ground water thats cooked deep in the earths crust with gases and other elements as a stew and forms the oil. theres no way this amount of oil is just been sitting there for 100 million years. if it was, it would have been depleted 30 years ago on consumption averages world wide over the years...
The US consumes 20.5 million bbls of oil a day and produces 11 million bbls a day. Thus, we must import the shortfall. Despite pronouncements that the US is “ energy independent,” we are not.
Has anyone ever figured out how long it takes(or took) for oil to form in the ground? And is it still forming and we just don’t know?
“Has anyone ever figured out how long it takes(or took) for oil to form in the ground? And is it still forming and we just don’t know?”
Yes/Yes
im sure thats would be a debate lengthy as global warming! lol... But I do know that wells in Texas that were depleted in the 40 and 50s(per rumor) have shown in the past few years to be full and pressurized... IOWs these well are replenishing themselves some how!! thats where ive drawn my conclusions stated about. I think is a constant cycle the earth makes naturally... but hey, thats just this guys humble thesis!
Everywhere except Calipornia:-)
You are mistaken. Care to find out why?
Why the question? The burden is on you to prove I am “mistaken.” My data come from USG sources.
The United States both imports and exports petroleum (a broad term that includes crude oil and refined products such as gasoline, diesel and jet fuels, and other products; “petroleum” and “oil” are sometimes used interchangeably1) in various quantities depending on cost and demand. Overall, the United States imports more than it exports, making it a net importer of petroleum. In 2017, imports provided 19% of the country’s demand for petroleum.2
Most of the petroleum imported by the U.S. is crude oil (70-80% of total petroleum imports, varying slightly from year to year).3 Because of the country’s extensive refining capabilities, particularly near major ports on the Gulf Coast, refined products have historically made up the vast majority of U.S. petroleum exports.2,3 However, in the last few years, the U.S. has begun exporting a significant quantity of crude oil, due largely to high domestic oil production. In the third quarter of 2018, crude oil accounted for approximately one quarter of all U.S. petroleum exports.
In the third quarter of 2018, the U.S. imported roughly 10.2 million barrels of petroleum per day,3 with the largest amounts coming from Canada (41%) and Saudi Arabia (10%).4
In the third quarter of 2018, the U.S. exported roughly 7.5 million barrels of petroleum per day.3 The largest markets for U.S. petroleum exports are Mexico and Canada, but the U.S. exports petroleum to 180 countries.5
The recent increase in domestic oil production, especially since 2010, has had a significant impact on U.S. petroleum imports and exports. From 2005 to 2015, the United States’ reliance on petroleum imports fell from 60% to 25% of total consumption,6 while exports increased by over 300%.3 Since 2015, imports have remained fairly steady at approximately 10 million barrels per day, but exports have continued to increase, from 4.7 million barrels per day in 2015 to 7.6 million barrels per day in early-mid-2018. The Energy Information Administration projects that U.S. import reliance for oil will continue to fall over the coming decade.
Related:
https://www.eia.gov/outlooks/steo/report/us_oil.php
US production continuing to increase nicely, but, the big drops in Iranian & Venezuelan exports are a major factor on the world market. Russia’s output is dropping too (OPEC agreement).
Let’s hope Iran gets even more PO’d at Saudi. The two are political and religious enemies: If that were to carry over (more than it does already) to oil, OPEC might be crippled for good.
To those not familiar with the details, note that almost but not quite directly stated in the original excerpt is that TYPES of crude oil matter: Some US refineries are geared toward certain types of crude, and that’s not always an easy thing to change. So, even if (when!) the US becomes overall “crude independent”, a short US supply of a certain type of crude might still result in import of such.
The price of crude is down
WTI Crude • 60.74 -1.51 -2.43%
Brent Crude • 69.47 -1.77 -2.48%
The US consumes 20.5 million bbls of oil a day and produces 11 million bbls a day. Thus, we must import the shortfall. Despite pronouncements that the US is “ energy independent,” we are not.
So, the shortfall in oil is 9.5 million barrels a day (that we import).
In the third quarter of 2018, the U.S. imported roughly 10.2 million barrels of petroleum per day,3 with the largest amounts coming from Canada (41%) and Saudi Arabia (10%).4
In the third quarter of 2018, the U.S. exported roughly 7.5 million barrels of petroleum per day.3 The largest markets for U.S. petroleum exports are Mexico and Canada, but the U.S. exports petroleum to 180 countries.
That's a import disparity of only 2.7 million barrels per day. (I assume the figures for non-oil products are "BOE": Barrels of oil equivalent per day. For example, 1 barrel of oil is typically calculated to contain the same amount of energy as 6,000 cubic feet of natural gas.)
Note that quite a bit of our petroleum exports are refined product, with some of the "heavy stuff" taken out to make plastics, asphalt, etc., or in the case of natural gas, some becomes fertilizer, plastics, and so on.
In the sense that the US probably "could" get by (be "independent"), with major adjustments, in response to an "energy" import embargo, and no exports of energy and petroleum products, we probably could. But, it'd be difficult, the first 2-3 years, and an economic hit as well. No one need freeze to death, but the price of, say, shingles, might literally go through the roof.
Another interesting tidbit in the info. that kabar posted is that a substantial part of US refining capacity capacity goes to export. That means, I infer, that we again "could" lose a refinery or two, and still meet domestic needs easily, but foreign demand helps drive our gas prices up in such scenarios.
That may be a reaction to fallout from the US - China trade talks dustup. Or other factors: I don’t follow these markets much on a daily basis.
I am still moderately hopeful that the US - China talks can end up with a win-win resolution.
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