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U.S. Net Petroleum Exports Hit Highest Ever In February
Oilprice ^ | 3/6 | Tsvetana Paraskova

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 ...


TOPICS: Business/Economy; Extended News; Foreign Affairs; News/Current Events
KEYWORDS: exports; oil; petroleum
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To: nickcarraway

Putin and all that crap.


21 posted on 03/08/2020 9:29:45 PM PDT by NorseViking
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To: nickcarraway

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


22 posted on 03/08/2020 9:32:56 PM PDT by advertising guy (It's all fun and games til someone farts , you don't have a fart on you now do you Swalwell ?)
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To: NorseViking
Maybe exaggeration...Most of its exports are by private company who might obey the cuts or might ignore.

Do you speak with...Russian accent?

23 posted on 03/08/2020 9:36:14 PM PDT by FreeReign
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To: ModelBreaker
No, this is a response to Friday's OPEC+ meeting. The Saudis wanted all OPEC nations to make cuts, so oil prices rebounded from drops related to the Coronavirus.

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.

24 posted on 03/08/2020 9:36:46 PM PDT by nickcarraway
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To: nickcarraway

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.


25 posted on 03/08/2020 9:36:57 PM PDT by ocrp1982 (ll)
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To: central_va

I agree. i don’t know if it’s possible right now, but it might be if there were fewer regulations etc.


26 posted on 03/08/2020 9:37:41 PM PDT by nickcarraway
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To: NorseViking

Can you at least be honest about whose side you are on?


27 posted on 03/08/2020 9:38:36 PM PDT by nickcarraway
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To: FreeReign

Is it really important for the purpose of the topic?


28 posted on 03/08/2020 9:40:19 PM PDT by NorseViking
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To: NorseViking

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.


29 posted on 03/08/2020 9:40:51 PM PDT by nickcarraway
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To: nickcarraway

It is not a matter of picking a side.


30 posted on 03/08/2020 9:40:58 PM PDT by NorseViking
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To: NorseViking

What about him?


31 posted on 03/08/2020 9:41:13 PM PDT by nickcarraway
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To: nickcarraway

His tool is Rosneft company which is mostly government controlled. It bears most of the costs.


32 posted on 03/08/2020 9:43:38 PM PDT by NorseViking
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To: nickcarraway

Everybody is wrong. Buy gold.


33 posted on 03/08/2020 9:45:08 PM PDT by Nachoman (Following victory, its best to reload.)
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To: advertising guy
Wow, could you translate that into conversational English.

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.

34 posted on 03/08/2020 9:45:50 PM PDT by nickcarraway
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To: NorseViking
If you think I am wrong just start to buy all things petrol since the very opening.

Some times Russian doesn't translate so well.

35 posted on 03/08/2020 9:47:36 PM PDT by deadrock
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To: deadrock

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.


36 posted on 03/08/2020 9:53:47 PM PDT by NorseViking
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To: ocrp1982
It costs Saudis $10/barrel to get it out of the ground. But the fiscal break even of their government budget is supposedly $84, meaning, beyond what it costs to get out of the ground, the Saudis have already account for $74. The Russians cost of getting it out of the ground is higher, but they claim their fiscal break even is $42.

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.

37 posted on 03/08/2020 9:56:32 PM PDT by nickcarraway
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To: NorseViking; deadrock
What makes you think any of our points could be better expressed by buying oil futures? Nothing I said would be.


At their risk of course.

What?! You won't indemnify me? That seems fair. At least send me a few rubles.

38 posted on 03/08/2020 9:59:14 PM PDT by nickcarraway
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To: nickcarraway

Oil producing countries might halve their fiscal breaks by devaluing their currencies.


39 posted on 03/08/2020 9:59:33 PM PDT by NorseViking
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To: nickcarraway

It was irony:)


40 posted on 03/08/2020 10:01:07 PM PDT by NorseViking
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