US crude exports

Today, “made in USA” oil reaches every corner of the world with volumes to be envied in many Opec countries and wonders to what extent exports will continue to grow: they were just 25,000 barrels a day a decade ago, before the miracle shale oil, rose to 600,000 bg last year, the first after the complete liberalization of exports, and now they are more than tripled.

Primary US exports push Opec to rethink its strategies
In the last month, US crude exports exceeded 1.7 million barrels a day on average – volumes similar to those of Nigeria, Africa’s largest crude producer – and last week burned records with 2.13 million barrels a day, comparable supplies to Kuwait (or the whole the North Sea if you want to look beyond the Opec circle).

Growth, exponential and rapid, has hurt many observers. Not so much for the causes, which are obvious: demand now exceeds the supply of oil, the US still produces and its barrels are paid better abroad as Brent has come to worth $ 7 a barrel more than WTI .
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The surprise stems rather from the fact that up to a few months ago, as Rbc Capital Markets remembers, analysts’ consensus was that Washington could not export more than 1.2-1.5 mbg in the short term due to structural constraints on the transport.

The Canadian investment bank calculates instead that there is already the theoretical possibility of up to 3.2 mbg. The Pira Group has a slightly different estimate: the export capacity is 2.7 mbg and will reach 3.3 mbg in 2018.

Accurate and incontrovertible figures are not really there. The only certainty is that the adaptation of American ports and pipelines is going on giant steps.

The United States is also challenging with the big oil and gas exports
The Corpus Christi terminal in Texas, well connected to shale oil wells, has already tested in Vicci’s entry in April: the largest 2MB tankers, which for now cannot load into the US.

From next year, these sea giants may also be able to start off from the Loop, a huge offshore port of Louisiana, which the US has so far only used to import oil.


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