WASHING TON: U.S. crude have landed in more than 30 countries, ranging from massive economies like China and India to tiny Togo. The repeal has unleashed a flood of U.S. shale oil, undercutting global crude prices, eroding the clout of the Organization of Petroleum Exporting Countries (OPEC) and seizing market share from many of its member countries. In 2005, before the shale revolution, the United States had net imports of 12.5 million barrels per day (bpd) of crude and fuels – compared to just 4 million bpd today. U.S. producers are making new customers out of some of the world’s biggest oil-importing nations in Asia and Europe, posing a serious competitive threat to the only other countries that produce as much crude: Saudi Arabia and Russia. At home, the export boom has filled pipelines and sparked a surge of investment in new shipping infrastructure on the Gulf Coast. U.S. producers have also broken into the market in India – the world’s third-largest oil importer and home to the world’s largest refining complex, operated by Reliance Industries. Seeking to diversify its foreign supplies, India first imported U.S. crude in October and bought a total of 8 million barrels of U.S. oil last year, according to Thomson Reuters ship-tracking data and shipping data provided by sources. In Europe, as of November, the United States had become the fifth-largest oil supplier to France, according to customs data, exceeding Nigeria, Libya, Iran or the North Sea. In November 2016, the U.S. didn’t even make the top ten. U.S. producers now export between 1.5 million and 2 million barrels of crude a day, which could rise to about 4 million by 2022. The nation’s output is expected to account for more than 80 percent of global supply growth in the next decade, according to Paris-based International Energy Agency. Much of the increased flow will go to China, the world’s top importer and, since November, the largest buyer of U.S. crude other than Canada. Chen Bo, president of Unipec – China’s largest buyer of U.S. crude – told Reuters that the firm expects to double U.S. imports this year to 300,000 bpd as it seeks to expand sales in Asia and find new customers for U.S. exports in other regions, including Europe. Unipec – the trading arm of Asia’s largest refiner, state-owned Sinopec – is also considering long-term crude supply deals with U.S. pipeline and terminal operators. The firm may also partner with such firms to expand and improve U.S. export infrastructure, Chen said in an interview.
Pakistan eyes $25m annual buffalo genetics exports to China
ISLAMABAD: Pakistan has signed a Material Transfer Agreement (MTA) with China's Royal Group to export buffalo genetic material, opening a...
