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 ...
Putin and all that crap.
Do you ever read ?
The stated core is Russia and China weaning off the dollar
Excuse given is transparency to money laundering
This is a one world coup attempt to hurt the market
before November
The world economy IS THE DOLLAR for the institutional reasons of accountability via the Fed, Congress, and the NYSE
Abandoning the DOLLAR will be the death to Russia and China
Big picture
And who fills that report void of oil and gas production
My guess is you live in that country
Jobs, same country
The biggest winner
Absence of petroleum foundations
It is a plain as Hillary is fat, Michael is Michael and Obama is a queer
Do you speak with...Russian accent?
Usually Russia agrees to the cuts, and then just ignores them. But this time Russian Energy Minister Alexander Novak said they wouldn't agree to any cuts and left the meeting. It was shot across the bow to Saudis. And oil prices dropped.
So, the Saudis came back Saturday and said they were going to sell some of their oil at a discount and they were going to start pumping like crazy.
Yes, it hurts Russia. But they might be able to take it more than the Saudis. With oil this low, the Crown Prince might have to cut the dividends that go out to all the princes. They may be angry about it. Especially considering he forced them to do an IPO they really didn't want to do.
On yeah, and he arrested his uncle, and his uncle's son this weekend for sedition.
Saudi has opened the flood gates and the price per barrel had plummeted. The reason is, the Saudi’s have been trying to get OPEC to scale back production to support higher prices and OPEC has not gone along with the House of Saud.
Agreeing in meetings but overselling nonetheless.
So, the Saudi’s said the hell with you people and are flooding the market to drive the price of oil down dramatically and thus try to force OPEC back in line.
It is said that the break-even point price per barrel in the USA is $30.00. The spot price for US crude after the Saudi actions is $30.32 per barrel as per several hours ago.
That said, the $30.00 per barrel US industry break-even point was the figure I read about 8 years ago. It could well be lower than that today.
I agree. i don’t know if it’s possible right now, but it might be if there were fewer regulations etc.
Can you at least be honest about whose side you are on?
Is it really important for the purpose of the topic?
No one forced Russia to join OPEC+. I guess Putin thinks it’s in their best interest. But you are also being disingenuous about the level of control the government could exert over domestic companies. If Putin needed them to cut, he could get a fair amount of compliance.
It is not a matter of picking a side.
What about him?
His tool is Rosneft company which is mostly government controlled. It bears most of the costs.
Everybody is wrong. Buy gold.
By the way, I live in California.
Are you saying the stated goal OPEC is weaning China and Russia off the dollar?
First of all, Russia and China rattle their swords about going off the dollar, but it's not on the table right now.
Absence of petroleum foundation? Who is Michael? Your rambling is not really understandable.
Some times Russian doesn't translate so well.
I suggest optimists to buy oil futures and oil stocks on opening. They’d prove their point better this way than by exhausting hot air online. At their risk of course.
So it may be cheaper for Saudis to get the product, but that's not entirely the number that's important.
In some ways, we are better positioned to tolerate the vagaries of the market then they are.
Oil is and always has been volatile. Those that forget that do so at their own risk. Oil was over $120/b in 1980 and it was over $150/b in 2008. It was about $10/b in 1986 and $11/b in 1998.
At their risk of course.
What?! You won't indemnify me? That seems fair. At least send me a few rubles.
Oil producing countries might halve their fiscal breaks by devaluing their currencies.
It was irony:)
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.