The hottest U.S. oil export is becoming a new tren

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U.S. oil exports are becoming a new destructive force in the global market

U.S. oil exports are becoming a new destructive force in the global market

June 12, 2017

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[China paint information]

according to the analysis of the data of the U.S. Department of energy and the U.S. International Trade Commission by Wall Street, in some months since the beginning of this year, The oil export volume of the United States reached 1million barrels per day, double the average daily export volume in 2016, and the average daily export volume of the United States in 2017 is expected to reach this level. Although the situation of excess domestic supply and low oil prices in the United States (currently hovering at $50 a barrel, from scratch) has led oil companies to slow down the pace of drilling, since the U.S. Congress lifted the Louisiana export ban at the end of 2015, the oil exports of Texas and Louisiana have increased significantly, Bring the success of the fracturing drilling technology revolution to a new market

Kurt barrow, vice president of IHS energy consulting company in the United States, said that the global oversupply of crude oil and extremely low tanker rents are overturning the pattern of the oil market. Although the oil exports of the United States account for only 1% of global exports, it is a new factor that helps drive down the oil price and fluctuate its range of $45 to $55 per barrel. For American oil exploration enterprises, export is a pressure relief valve. U.S. oil companies are increasing production. By next year, or even not until next year, the daily output of U.S. oil companies is expected to exceed 10million barrels, another record high. According to the data of the US International Trade Commission, the US exported more than 110million barrels of crude oil from January to April, which was partly due to the decision of the organization of Petroleum Exporting Countries (OPEC) to temporarily reduce production

the main reason for the increase in U.S. oil exports is that the U.S. crude oil price has been about 2.5 dollars/barrel lower than the international benchmark Brent crude oil price for most of this year. This price difference makes it profitable for American crude oil to be transported farther away. Mason Hamilton, an analyst at the U.S. Department of energy, said that another major reason for the increase in U.S. crude oil exports is the so-called return transportation economy. Tankers transporting crude oil from the Middle East to Texas usually return empty after unloading. Now these tankers can carry American crude oil and stop in Europe on the way back. The export volume of gasoline, diesel, propane and other refined oil products in the United States is nine times that of crude oil, but this situation may begin to change

in 2013, 99% of the small amount of crude oil exported by the United States with special permission was exported to Canada. Since the lifting of the export ban, U.S. crude oil has been exported to more than 30 countries, with China, Colombia and Britain becoming major buyers. The latest data of the U.S. government as of April showed that since the beginning of this year, 39% of U.S. crude oil exports have been purchased by Asian buyers, the proportion of Canada has dropped to 30%, and the proportion of refineries in Europe and Latin America has been 22% and 9% respectively

as the world's largest crude oil importer, China imported more than half of its crude oil from OPEC member countries such as Saudi Arabia, Angola and Iran. However, according to the U.S. Department of energy, China is increasing its crude oil imports from the United States and Brazil after China's domestic crude oil production fell sharply last year. China's crude oil imports reached a record 8.6 million barrels per day last December

at present, the proportion of American oil in European oil imports, plastic packaging and other sectors originally belonging to DuPont, has been transferred to the name of new Dow, which is still small, with a total of slightly less than 25million barrels in the first four months of this year. But U.S. oil exports to Europe still pose a challenge to Russia

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