Record year for U.S. oil export since 1970

By the end of 2017, oil export from U.S. to all parts of world will achieve record number. Beside Canada, China, ... U.S. oil has found "market in the Europe". Main question is could U.S. keep this trend in the next year...

Share this post


Link to post
Share on other sites

For as long as OPEC is cutting back its production, and as long as WTI is trading at a significant discount to Brent, I don't see why not.

Share this post


Link to post
Share on other sites

yeah, global buyers are liking the light, sweet--and cheap--US oil. Infrastructure's been built out and the wider Brent/WTI spread is definitely favorable. OPEC hates this. 

 

 

Share this post


Link to post
Share on other sites

great snapshot here of 2016 importers of US oil. Haven't found 2017 snapshot ... might have to wait until the New Year

 

Screen Shot 2017-12-14 at 12.15.23 AM.png

Share this post


Link to post
Share on other sites

Yeah, but oil prices have still rallied, maybe not as high as they hoped they would (and certainly not as fast). But OPEC cut its production and oil prices rose. So they kind of got what they wanted.

Share this post


Link to post
Share on other sites

2017 snapshot is the same place you found 2016 :) @LAOIL

 

 

Screen Shot 2017-12-14 at 12.18.38 AM.png

Share this post


Link to post
Share on other sites

so you expect to see a dip in exports?

Share this post


Link to post
Share on other sites

Maritime records show that first 10 months of 2018 saw a 151% increase in US crude oil exports (seaborne) over same period last year ...

Share this post


Link to post
Share on other sites

1 minute ago, LAOIL said:

Maritime records show that first 10 months of 2018 saw a 151% increase in US crude oil exports (seaborne) over same period last year ...

First ten months of 2017, I think you mean. The US was not an oil exporter prior to Jan 2016 (except to Canada, who was exempt from the ban). 2016 exports were stifled because America's Gulf Coast refiners didn't have any infrastructure in place to load major tankers that are used to make long voyages. 

US refineries have gotten some upgrades in recent years that allow them to process more light oil, so we can use more here at home, but also, Lousiana may be the first one to soon load VLCCs, ushering in an entirely new era for US oil exports.

https://www.bloomberg.com/news/articles/2017-12-07/next-u-s-crude-export-surge-may-start-at-a-lonely-gulf-buoy

Share this post


Link to post
Share on other sites
Sign in to follow this  
Followers 0