Wednesday, 26 February 2020

US moves to a net oil export position

US oil production has ground higher and products supplied slipped in the last few months & the US has moved to now a fairly consistent (small so far) net oil exporter. Demand in the US is essentially flat for 20 years now.

Question is who can the US take export market share off over the next few years?

Iran and Vene have already been 'whacked' and if anything Vene's production will climb from here.

If there is no obvious new sanctions candidate, it will have to be delivered by low market prices or OPEC voluntarily surrendering production share.

With Permian marginal producers being long run viable in the $50s range, GCC will have to fiscally consolidate over the next few years.


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