• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 9 hours Oil prices going Up? NO!
  • 29 mins Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 21 mins Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 2 days Could Venezuela become a net oil importer?
  • 24 hours Oil prices going down
  • 1 day Could oil demand collapse rapidly? Yup, sure could.
  • 37 mins The Tony Seba report
  • 2 days Gazprom Exports to EU Hit Record
  • 2 days Oil Buyers Club
  • 7 mins Kenya Eyes 200+ Oil Wells
  • 5 hours Saudi Arabia turns to solar
  • 17 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 11 hours Are Electric Vehicles Really Better For The Environment?
  • 1 day Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 2 days Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 2 days EU Leaders Set To Prolong Russia Sanctions Again
This Russian Oil Major Is Ready To Open The Taps

This Russian Oil Major Is Ready To Open The Taps

Russia’s oil giant Lukoil is…

Rig Count Falls As U.S. Oil Output Flatlines

Rig Count Falls As U.S. Oil Output Flatlines

WTI crude rose 4.5 percent…

U.S. Set To Become Net Natural Gas Exporter By Year-End

LNG

The United States should become a net natural gas exporter by the end of 2017, according to the latest Short-Term Energy Outlook (STEO) released by the Energy Information Administration (EIA) today.

The U.S. has been a net exporter in three of the past four months, according to the agency’s data. The trend should continue until annual figures tally out in favor of the nation’s trade balance sheet.

The American natural gas sector took the top global production spot back in 2009, surpassing the industrial power of Russia. Total output stood at 72.5 billion cubic feet per day last year, compared to 55 Bcf/d back in 2008. Ninety-six percent of all production is consumed domestically, but a larger share is being prepped for exports to Asia as the Trump administration’s energy export strategy begins to take hold.

A pipeline to Mexico will help boost natural gas exports to the U.S.’ southern neighbor by 2019. Mexico City plans to increase it utilization of gas by 50 percent by the year 2020, creating more demand for American gas.

In March 212017, U.S. natural gas exports to Canada reached 3.21 billion cubic feet/day, nearly breaking a record of 3.25 Bcf/d set in 2012. Imports of Canadian natural gas, which reached a peak of 12 Bcf/d in 2007, were around 8 Bcf/d.

Related: Washington Mulls Over Additional Sanctions Against Venezuela

Liquified natural gas (LNG) is another booming field in the nation’s fossil fuel future. Five new liquefaction facilities are currently under production at Cove Point, Cameron, Elba Island, Freeport and Corpus Christi, carving out a sizable nook for the cost-effective transport of natural gas over ships via especially refrigerated ships.

“Based on construction plans, EIA expects that by 2020 the United States will have the third-largest LNG export capacity in the world after Australia and Qatar,” the report reiterated.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News