U.S now exports more oil than what Venezuela produces

According to a recent report the U.S. now is exporting more barrels of oil than the overall Venezuela's oil production, at least after recent data showing production of Venezuela end of April hovering around 1.500.000 barrels and the U.S. exporting around 1.600.000 barrels and simultaneously CITI says the U.S. could become the largest exporter of oil more than Saudi Arabia. It will be important to analyse and monitor all the implications of this, for the Caribbean region, Asia Pacific and also the Middle East and from the media point of view and the implications of this recent news release which will definitely bring huge geopolitical implications for the global oil markets, that will mean in the short term the death of PETROCARIBE, an important clash for markets in Europe between the USA and Russia and also Iran and Saudi Arabia and if the USA continues to ramp up its exports of LNG and oil to China this will be interesting to analyse how this will impact all the trade dynamics between China and the USA (i.e. the coming back to the TPP, potential trade war with China, North and South Korea standoff, etc.). 

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Based on the most recent four week running average EIA data, the US had net crude oil imports of 6.5 million bpd. 

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This will no doubt give the U.S. even more soft economic power in the region...unless Russia decides to increase to dump products.

With regards to the Citi report: this is quite misleading as the Citi report includes literally all liquids and products. The Saudis are investing vast sums of money in their own downstream sector, so I doubt that the U.S. will soon overtake the Saudis in 'oil exports'

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