Posted on 09/12/2019 7:57:52 AM PDT by Hojczyk
The U.S. topped Saudi Arabia in oil exports in June as Riyadh complied with OPEC's production cut deal and shale production surged, according to an industry report Wednesday. Crude oil prices fell.
Already the No. 1 producer of oil, the U.S. exported nearly 9 million barrels per day of crude and oil products in June, beating Saudi Arabia and Russia, the International Energy Agency said in its monthly oil market report.
Saudi Arabia then retook the U.S. as top producer in July and August as hurricanes forced halts to production and shipments. But the U.S. could reclaim the title of top oil exporter later this year. The IEA said crude exports alone could rise 33% from June levels to as much as 4 million barrels a day as new export infrastructure comes online in Q4.
"Booming shale production has allowed the US to close in on, and briefly overtake, Saudi Arabia as the world's top oil exporter," the IEA said in its report. "The installation of the necessary pipelines and terminals is continuing apace, which will ensure that the trend continues."
(Excerpt) Read more at investors.com ...
And if New York would only allow fracking....
Whoa, whoa, whoa! Whatever happened to being dependent on foreign oil?
We are still dependent on foreign oil to help keep prices low. But that’s true for any imported item. If we cutoff or loose foreign supply prices will sky rocket.
Trump.
This, times two.
“Whatever happened to being dependent on foreign oil?”
Fracking.
“We are still dependent on foreign oil to help keep prices low.”
That is mostly Canadian and to a lesser degree Mexican (used to be Venezuelan, will probably be again). Their pipelines, and the refineries that process their varieties of crude, bring it to the USA. It would be hard/expensive/time-consuming for them to go elsewhere.
Only about 5% comes from the Mid East anymore - and we are adding 1.5 million barrels per day of additional domestic production, year after year (like adding a significant new OPEC countries worth of production to our total every year).
So while we still import oil, we are no longer dependent on OPEC, or Mid East suppliers. Increasingly, we will be competing with them for their customers, as we become the dominant exporter in the world.
“the U.S. exported nearly 9 million barrels per day of crude and oil products in June, beating Saudi Arabia and Russia.”
The IEA said crude exports alone could rise 33% from June levels (by as much as 4 million barrels a day) as new export infrastructure comes online in Q4.”
In just the next few months, the USA is going to surge ahead of Saudi and Russian exports - it will no longer even be close, as to who is the biggest exporter.
We are on track to keep growing rapidly long beyond that. Only a collapse of global demand (or Democrats winning the Presidency) is likely to slow our production growth.
American energy independence is being being eclipsed by American energy dominance.
US producers export hydrocarbons and import. The US not isolated from worldwide demand and pricing. US producers will respond to high worldwide prices by exporting.
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