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.
The U.S. exported a record 8.3 million barrels per day (bpd) last week of crude oil and petroleum products, the government also said Wednesday. Top crude oil exporter Saudi Arabia’s, for its part, exported 9.3 million bpd in January, while Russia exported 7.4 million bpd, the bank added.
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WNU Editor: The geopolitical implications of this shift are huge and cannot be underestimated.
4 comments:
Yuuugge is right. Trump has been saying it for two years now. Drill baby drill.
This will help reduce our trade deficit.
This will help relations with China, India, Japan, Europe who all need more secure sources than they presently have.
The Middle East will earn less money and face more competition. Realism sets in. The Age of Princes supporting boutique terrorists is over. Saudi Arabia arrested a bunch of those princes. Israel will be recognized by the majority of Sunni petro states.
The Global Warming scam is finished and bankruptcy's will set in for all those subsidized industries surviving only because of high priced oil & gas.
Democrats Crying
This is happening despite everything Obama &Holder.
The editor comment pretty well says it all even if it is an understatement. "This will help relations with China..." Perhaps this helps explain why the Chinese are suddenly willing to help us with North Korea. The US now has something of value that they need and they can obtain it less expensively and more reliably than they can from Russia or elsewhere.
Oil most of the time goes form a supplier to the nearest country with demand.
The U.S. for example would import oil from Venezuela rather than Saudi Arabia, because it would be cheaper. That was happening until the Red Terror hit Venezuela and people started starving to death.
The TAR sands were slated to go to Texas because it would be cheaper to transport it there than to ship it to China. There were threats or plans to build a pipeline to Vancouver and ship the oil to China, because Obama was an obstructionist throwing red meat to arch liberals. So there are exceptions to the rule.
Sure the U.S. would ship to China and China would take it instead of Iranian or Saudi oil but it would depend on the price difference.
Will this help relations with the Chinese. From a U.s> perspective it will. The Chinese would be less inclined to mess with a strong power, but there still is the debt, trade deficit, social unrest, etc.
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