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The US Light Crude Wave In Europe

As any attentive reader of our Oil & Gas Insider feature would attest, the oil market is in constant flux and one nation’s fate might drastically swing from that of a net oil importer to that of a rising export star. The story of the United States’ “shale gale” represents the apogee of just how quickly things can change in the world of energy – merely a couple of years ago the US was the world’s largest oil importer and had its crude exports banned by law, now it is the world’s most formidable producer with ever-increasing export volumes. We think the time has come to take stock of the recent developments in US exports and imports and take a thorough look at the 4 major trends that have shaped it – the plunge of Middle Eastern crude exports to the US, the US’ complex relationship with Latin America and the new horizons opening up in Asia and Europe.

In the next 4 issues of Oil Insider we will take a look at each one of those, but for now, let’s start with Europe. Despite Asia maintaining its position as the leading market outlet for US crude, Europe saw the biggest upward movement percentage-wise in the timeframe between January 2017 and August 2019. American exports to European customers effectively tripled in the past 3 years, moving up from an average of 207kbpd in 2017 to 635kbpd in YTD 2019. One might say that US foreign policy greatly contributed to this achievement, by banning all Iranian and Venezuelan…




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