Posted on 03/08/2020 9:07:40 PM PDT by nickcarraway
The United States was a net exporter of crude oil and petroleum products last month, with the four-week average net imports at a negative 907,000 barrels per day (bpd) in the last week of February, the lowest ‘imports’ level in EIA data dating back to 1973, according to EIA’s weekly data on net imports of crude oil and petroleum products.
Since the start of 2020, the U.S. was a net exporter of crude and petroleum products in each of the weeks in January and February, EIA data shows.
The United States exported more crude oil and petroleum products than it imported in September 2019—the first month in which America was a net petroleum exporter since monthly records began in 1973, the U.S. Energy Information Administration (EIA) said at the end of last year.
In September 2019, the U.S. exported 89,000 bpd more crude oil and petroleum products than it imported, due to surging U.S. crude oil production and the lifting of export restrictions in 2015, and to continuously growing oil products output and exports, the EIA said in December 2019.
On an annual basis, the United States will become a net oil and oil product exporter this year, thanks to continued growth in production combined with slacker domestic demand,ed.
(Excerpt) Read more at oilprice.com ...
It is about to fall to zero very soon. Look at the OPEC+ meltdown.
You think U.S. exports are going to fall zero because Russia and Saudi Arabia are in a tiff?
But MBS had a pretty good comeback to. They are shooting each other. Probably worse for the Saudis in the short term, but not without pain for the Russias.
You will love it if Sanders gets elected. If he can ban fracking, and end exports, it could mean up to 3 million bpd more for Russia to sell. You can break out the champaigne.
Maybe exagerration...I believe ‘a tiff’ is a dog and pony show. OPEC+ cuts are partially the reason why US exports to their traditional markets. US exporters are filling the void. Do you think US exporters would be solvent under $30 per barrel?
Not to mention Russia has little mechanisms to enforce cuts. Most of its exports are by private company who might obey the cuts or might ignore.
OMG! Not this again. If you think I am wrong just start to buy all things petrol since the very opening. You may mortgage your home while at it.
Crazy.
US exports are at their profitability lowest now.
Must be regulation causing this,
The U.S. can weather the cuts better than MBS. He has cousins to pay. And they might get angry if their envelope is light.
Stop making sense. Let him bankrupt himself.
What again?
I cant hopeful that Excon and Mobil both go bankrupt after have laid doff 100’off for their small handful of dimes. BP, and the big boil companies should suffer all the way to bankruptcy down to the end. Evil, Evil companies.
You are talking about two different things. We import crude oil. We are a net exporter of petroleum products.
A Saudi price war hurts the Russians terribly. I suspect this is retaliation for Russia’s aggression in Syria — maybe a warning about the Turkish situation. Turkey and Saudi Arabia are both Sunni and Iran (and it’s proxies in Syria) are Shia. Russia is backing them.
Low oil prices are a formidable weapon against a Russia dependent on oil exports.
I can’t help but think it’s also a response to the recent chaos in financial markets. I’m not sure why but it seems a big coincidence.
How are you going to drive your car then? You want Aramco to be the unchallenged ruler of the universe?
Never understood why that spin was so important. For national security reasons it seems to me it would be best if the USA produced all of the crude oil it needs (20bbl/day).
That’s it, I have no idea why Russia is a participant at all. There are hundreds of companies, not even 10% of exports are government-controlled. Little companies are using government recommendations for their quotas for toilet paper. There is no mechanism to force them to cut. Nor the feds really give a flying hug about the price. Its effect on Russian economy is heavily exagerrated. Between super-profits from high price and killing off high-cost competition (US, Euro companies) I think the Russian companies would like the latter.
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