As global oil markets shift their attention from U.S. shale oil production back to a resurgent Saudi Arabia and Russia and geopolitical concerns bearing down on oil prices, Citigroup said last Wednesday that the U.S. is poised to surpass Saudi Arabia next year as the world’s largest exporter of crude and oil products. —Tim Daiss, OilPrice, 2 May 2018
Oil prices fell early on Thursday, pulled down by a rise in U.S. crude inventories and record weekly U.S. production, which is countering efforts by producer cartel OPEC to cut supplies and prop up prices. —Henning Gloystein, Reuters, 3 May 2018
New U.S. crude export facilities on the Gulf Coast may bring the world’s troubled business of operating big tankers a needed new market for transporting oil. A trio of American energy logistics firms is preparing to build a terminal at the Port of Corpus Christi in Texas capable of handling very large crude carriers, or VLCCs, adding to a flurry of activity for U.S. oil exports that reached a record 2.3 million barrels a day last week. —The Wall Street Journal, 2 May 2018
As OPEC’s efforts to balance the oil market bear fruit, U.S. producers are reaping the benefits – and flooding Europe with a record amount of crude. Russia paired with the Organization of the Petroleum Exporting Countries last year in cutting oil output jointly by 1.8 million barrels per day (bpd), a deal they say has largely rebalanced the market and one that has helped elevate benchmark Brent prices LCOc1 close to four-year highs. —Reuters, 24 April 2018
I have argued many times that the shale oil and gas revolution is the story of the decade. Since 2007, U.S. oil and gas output has risen by about 75 percent, and the renaissance is still in its infancy stages. —Boston Herald. 2 May 2018
Since the start of 2018, Russia’s pipeline crude oil exports to China have been growing, while its seaborne shipments to Europe have been falling. At the beginning of this year, Russia doubled the capacity of pipeline exports to China, where it has been the top oil supplier for more than a year after overtaking OPEC’s top exporter and de facto leader Saudi Arabia last year. —Tsvetana Paraskova, OilPrice.com, 3 May 2018
Fracking, so far, is an American story. The technology will spread worldwide. Bahrain has announced a large petroleum discovery off-shore. Fracking will make it happen.
Any country that demonizes fossil fuels is hobbling itself. The rest of the world will keep their foot to the floor in the fast lane.