Thursday, 30 November 2017

US oil imports and exports

With US domestic oil production growing 1MMbpd YoY and expected by analysts like Goldman to keep growing at this rate for several years, the US net imports of oil have dropped to the 3-4MMbpd range, from 12.5mmbpd pre-shale. With some reduction in demand due to EVs and energy efficiency perhaps in the next 2 years the US can go to being a net exporter. Nevertheless, the global market is tightening.

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