By Julian Lee (Bloomberg Opinion) -- The U.S. Energy Information Administration has published its first detailed monthly oil forecast for 2020 and it shows something that should strike fear into the hearts of OPEC ministers — from the fourth quarter, America will export more oil than it imports. This won’t make the U.S. independent of the global supply chain. It … [Read more...]
U.S. Oil Export Boom Sparks a Battle to Build Texas Port
By Collin Eaton CORPUS CHRISTI, TEXAS, Jan 10 (Reuters) - Booming U.S. oil exports have set off a scramble to build Gulf Coast ports to handle more than 3 million barrels per day in new supplies expected over the next five years. Of seven proposed oil-export projects, nowhere is the opportunity greater or the competition more fierce than in Corpus Christi, Texas, where … [Read more...]
Oil Tanker Owners Find Solace in Shale as OPEC Prepares New Cuts
By Firat Kayakiran (Bloomberg) -- America’s shale boom could be about to spare the world’s oil tanker owners from a typical OPEC ravaging. The producer group and allies decided on Dec. 7 to restrict output from the start of next year by about 1.2 million barrels a day, adding to deeper cuts two years earlier. Under normal circumstances, that would be a dire turn of … [Read more...]
VLCC Exports Picking Up at Louisiana Offshore Oil Port
By Sheela Tobben (Bloomberg) -- The Louisiana Offshore Oil Port is pushing out the most crude it’s shipped in any one month since the terminal began supertanker exports in February. As the race to build new supertanker ports in the U.S. intensifies, LOOP this week is poised to send out three Very Large Crude Carriers, or VLCCs, carrying 6 million barrels of crude … [Read more...]
China Imports First U.S. Crude in Two Months But Traders Still Wary
By Florence Tan and Chen Aizhu SINGAPORE/BEIJING, Dec 3 (Reuters) - China imported its first U.S. crude oil cargo in around two months last week, according to industry sources and Refinitiv Eikon data - a deal made by an independent "teapot" refiner as larger players held off amid trade tensions. Chinese buyers have largely avoided U.S. oil during the two countries' trade … [Read more...]