WASHINGTON: Since the start of the shale boom, the US has transitioned from energy importer to exporter, with worldwide repercussions. Now US oil exports look set to destabilise the oil-dependent Middle East.
US oil exports look set to further destabilise the oil-dependent Middle East, forcing diversification away from fossil fuelUS oil exports look set to further destabilise the oil-dependent Middle East, forcing diversification away from fossil fuel
US completed its first major export of natural gas, with an American ship setting sail for Brazil. Cheniere Energy, the US firm that orchestrated the shipment, said the occasion represented a significant turning point in US global trade, with the energy company predicting “the US will be one of the biggest three suppliers of LNG by 2020”. In July, two further cargoes left Cheniere’s Sabine Pass plant in Louisiana, venturing to the Middle East – with Kuwait and Dubai the destinations. These shipments were symbolic of a major change underway in the world economy; they signalled the US’ increasing importance in the export of hydrocarbon fuels.
According to US Energy Information Administration (EIA) figures, February 2016 saw the country export 884,000 barrels of propane and propylene gas per day. At the time, this was the highest figure on record. The US has seen an almost constant year-on-year increase in its export of gas. Exports took a slight dip in the months following February’s record figure, down to 673,000 per day in March, before rising again to 700,000 in April. Data for May showed this number rising again, taking it to 894,000 per day, and beating February’s record figure. These numbers are a long way from the humble 127,000 barrels per day exported by the US in January 2011.
