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  1. #1
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    [EN] U.S. exporting as much oil as some Gulf countries

    U.S. crude exports surged to a record 1.984 million barrels a day last week

    Alison Sider
    Oct 4, 2017

    U.S. crude exports are blasting through records, approaching a level that is almost as much as Kuwait sends abroad.

    U.S. crude exports surged to a record 1.984 million barrels a day last week– an increase of close to 500,000 barrels a day from the previous week’s level, which was also a record.

    The export rate is more than twice as high as it was a month ago. Until these last two weeks, the most that had ever been shipped from U.S. shores was 1.3 million barrels of crude a day—a level reached in May.

    Kuwait ships more than 2 million barrels of oil abroad per day. The U.S. is still an oil importer. But net imports of crude fell to a record low last week, analysts at Citigroup said in a research note. Almost all of the foreign crude brought to the U.S. last week was from Canada, the analysts said, noting that the data was “a harbinger of a more sustainable trend to come.”

    The primary reason for the rapid increase is that U.S. crude is cheap. Last month West Texas Intermediate, the U.S. benchmark, fell to as much as $6.80 below Brent, the global benchmark. That’s its biggest discount to the global price since before a ban on most crude exports was lifted in late 2015, and it’s more than enough to cover the cost of shipping tankers to Europe and Asia.

    The recent jump isn’t a surprise: experts had been predicting a flood of exports after Hurricane Harvey scrambled global energy markets. U.S. refiners curtailed oil purchases when they were shut down during the storm, so the U.S. benchmark prices languished even as global prices were on the rise.

    “We are the cheapest barrel out there,” said Bob Yawger, director of the futures division at Mizuho Securities USA. “Everybody that can is going to try and buy U.S. crude.”

    Canada remains the biggest destination for barrels leaving the U.S., according to federal data as of July. But Latin America, Europe and increasingly, Asia, are also clamoring for the oil.

    China has emerged as the second-largest buyer of U.S. oil this year. In the first half of the year, China imported an average of 180,000 barrels of oil per day from the U.S., nearly nine times more than its imports during the same period last year.

    Still, exports may not continue at this level. Higher global demand will likely help lift U.S. prices, helping to narrow the price difference, analysts said. And Chinese appetite for foreign crude waned in August, falling to its lowest level of the year at 8 million barrels a day as the country slowed it strategic stockpiling, according to brokerage PVM Oil Associates.

    But others say oil will likely continue to flow from U.S. shores at higher rates as long as U.S. producers keep pumping.

    “It’s going to continue,” said Vikas Dwivedi, an analyst at Macquarie. “Eventually it won’t be a Harvey bump. The status quo will just be you have to keep getting this oil out, because the production will just keep growing.”

    https://blogs.wsj.com/moneybeat/2017...aking-records/

  2. #2
    WHT-BR Top Member
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    Dec 2010
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    3 de outubro • Dia do Petróleo Brasileiro

    O ciclo do petróleo no Brasil teve início no final do século XIX, quando aconteceram as primeiras buscas no subsolo brasileiro. A primeira sondagem foi realizada no município de Bofete – São Paulo, entre 1892-1896, por Eugênio Ferreira de Camargo, quando ele fez a primeira perfuração na profundidade de 488 metros; contudo, o poço jorrou somente água sulfurosa. Foi somente no ano de 1939 que foi descoberto o óleo de Lobato (Salvador) na Bahia.


    17/07/2017

    Em junho, a produção de petróleo e gás natural avançou na comparação com o mês anterior e atingiu 2,81 milhões de barris de óleo equivalente por dia (boed). Em média, a produção nos campos no País chegou a 2,2 milhões de barris por dia (bpd), volume 0,6% superior ao de maio.

    Os dados foram divulgados nesta segunda-feira (17) pela Petrobras. Da produção total, 2,7 milhões barris de óleo equivalente foram produzidos no Brasil e 113 mil, no exterior.

    Exterior

    A Petrobras fechou o mês de junho com uma produção média diária de petróleo nos campos do exterior de 65 mil barris, volume 0,1% acima do mês anterior. Já a produção de gás natural foi de 8,1 milhões de metros cúbicos por dia, volume que, no entanto, ficou 13% abaixo do volume produzido em maio último.

    A queda foi atribuída, principalmente, pela menor demanda de produção de gás na Bolívia e também a redução da produção do campo de Hadrian South, nos Estados Unidos.

    http://www.brasil.gov.br/economia-e-...hoes-de-barris
    Última edição por 5ms; 04-10-2017 às 18:36.

  3. #3
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    US crude exports spike to a record

    Federal law prohibited exports of domestic crude to all markets except Canada for 40 years until its repeal in late 2015.

    Gregory Meyer and Anjli Raval
    2017-10-04

    US exports of crude oil have leapt to a new high of nearly 2m barrels per day, a landmark figure for a country that banned most exports just two years ago.

    The shipments have been reaching customers in Canada, Europe and increasingly Asia, breaking into markets prized by the Opec cartel.

    Combined exports of crude and refined fuels such as petrol and diesel have also pushed the US’s net petroleum imports to the lowest levels on record.

    Federal law prohibited exports of domestic crude to all markets except Canada for 40 years until its repeal in late 2015. Exports climbed gradually in 2016, averaging less than 600,000 b/d.

    In recent weeks they have exploded, averaging 1.984m b/d last week and 1.491m the week before, the Energy Information Administration said Wednesday.



    The US still remains a top buyer of foreign crude, having imported 7.2m b/d last week from suppliers such as Canada, Saudi Arabia and Venezuela.

    The US exports are nevertheless creating new competition for members of Opec. “It is worrying,” said Waleed Al-Bader, deputy managing director for crude and derivatives marketing at state-run Kuwait Petroleum Corporation, speaking last week on the sidelines of the Appec oil conference in Singapore.

    A Dubai-based oil trader added: “Only now are Middle Eastern producers starting to worry about growing US exports … Thing is, these US exports are only just beginning to come over. There are many more barrels coming.”

    The exports have been propelled by a deep discount for American crude in comparison to Brent, the international benchmark. On Wednesday Brent crude settled at $55.80 a barrel, while West Texas Intermediate crude was $49.98 a barrel.

    Production cuts from Opec, whose members are concentrated in the eastern hemisphere, has helped push up the Brent price. Hurricane Harvey also slowed US refineries’ intake of domestic oil, causing supplies to build up and prices to fall.

    “This is classic Oil Markets 101: too much crude in the US and too little crude elsewhere means that US prices weaken relative to global prices, and exports increase to address the imbalance,” Société Générale said in a note.

    Tom Ramsey, chief executive of JupiterMLP, an oil trading and transport firm in Texas, said: “Opec cutting has forced the value of Brent higher, which then pushes the exports from the US.”

    US refineries and processors also exported more than 5m b/d of petroleum products last week, pushing total US net petroleum imports to 2.75m b/d, the lowest in weekly records dating to 1991. The US sells large amounts of petrol and diesel to Latin America and Europe.

    US petroleum products exports have been rising for years, thanks to an abundance of domestic crude supplies and the efficiency of the local refinery industry. The Trump administration has endorsed the shipments and adopted “energy dominance” as a catchphrase.

    ‎Alan Eyre, director of Middle East and Asia for the US state department’s bureau of energy affairs, told the Financial Times: “The US encourages increased energy exports worldwide, including to Asia.”

    https://www.ft.com/content/5aa95af0-...5-648314d2c72c

  4. #4
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    Russia and Saudi reaffirm Opec oil supply cut pledge

    Agreement between heads of states of both countries led to the deal between Opec and non-Opec countries to cut global supplies by 1.8m barrels a day

    Anjli Raval and Henry Foy
    2017-10-05

    Saudi Arabia and Russia reaffirmed a pledge to shrink a global oil glut as the leaders of the two energy superpowers met in Moscow on Thursday, helping to send crude prices higher by more than $1 a barrel.

    The countries that produce roughly a fifth of global oil supplies made the strongest indication yet that Opec-led production cuts could be extended at least until the end of 2018 if deemed necessary.

    On the first ever visit by a Saudi monarch to Russia, King Salman bin Abdulaziz said that he sought to “strengthen” the relationship between both countries that has become increasingly bound by economics, trade and geopolitics.

    He met with Vladimir Putin, Russian president, at the Kremlin with bilateral talks also attended by the energy and foreign ministers of both nations. Sergei Lavrov, Russia’s foreign minister, said that both leaders had declared their commitment to the oil cut deal.

    “His majesty the King and the Russian president supported the work carried out within the framework of the ministries of energy within the framework of the Opec [and non-Opec] format,” he said.

    Mr Putin said this week that the global supply curb deal agreed late last year to reduce excess inventories could be extended well past March next year. “Everybody understands the need for global efforts,” he said.

    Khalid Al Falih, Saudi energy minister, told Al Arabiya television network on Thursday: “We have to keep all options open. President Putin agreed with us on this and expressed his readiness to extend until the end of 2018 if this is agreed.”

    Agreement between heads of states of both countries led to the deal between Opec and non-Opec countries to cut global supplies by 1.8m barrels a day, which has allowed for prices to rebound above $50 a barrel this year.

    Mr Falih welcomed the efforts by the highest authorities in Russia and Saudi Arabia, including Crown Prince Mohammed bin Salman, to take the oil market “to where we want it to be” after a three-year downturn.

    Opec countries are targeting $60 a barrel after a collapse in prices since 2014 battered their economies that are heavily dependent on revenues from crude sales.

    Brent crude, the international benchmark, rose $1.31 a barrel to $57.12 a barrel in afternoon trading in London. West Texas Intermediate, the US marker, increased $1.11 to $51.09 a barrel.

    Oil prices were also bolstered by tropical storm Nate, which is projected to strengthen into a category one hurricane as it moves towards the Gulf of Mexico in the next few days.

    Saudi Arabia is also keen to boost prices ahead of the planned listing of its state-owned energy giant, as part of an overhaul of the kingdom’s economy. Proceeds of the sale will be ploughed into non-oil sectors.

    Amin Nasser, chief executive of Saudi Aramco who was also in Moscow, said that plans to sell shares in next year remained on track. “Work is ongoing to list Saudi Aramco in 2018,” Mr Nasser said.

    Carsten Fritsch at Commerzbank said that production curbs among global producers would “have to continue for a very long period of time” as the US shale oil industry expanded its production in the face of higher oil prices.

    Saudi officials remained sanguine, saying that while US shale production had risen, global inventories were falling. Mr Falih said. “Shale . . . doesn’t bother me at all. The market can absorb it.”

    Joint efforts to stabilise the oil market come as both countries signed more than $3bn of deals, including a $1bn joint energy investment fund, a $200m investment in Russian infrastructure and an agreement for Russian petrochemical company Sibur to consider opportunities in Saudi Arabia.

    https://www.ft.com/content/636f384c-...5-27219df83c97

  5. #5
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    Why the US east coast imports oil despite shale boom

    Gregory Meyer
    2017-10-11

    The US has been shipping its shale oil riches to different parts of the world, including Canada and India, inspiring White House officials to muse about American “energy dominance”. But one place that is buying very little of this crude is the officials’ backyard.

    Last week as the US reported a record 2m barrels a day in crude oil exports, refineries located up the highway from Washington on the east coast imported about 900,000 b/d, mainly from Africa.

    A big reason is the Jones Act, a 97-year-old US law that requires all ships starting and ending their voyages on US coasts to be American-flagged, built and crewed.

    The Trump administration waived the Jones Act for 10 days, following the devastation inflicted by hurricanes in Puerto Rico, triggering renewed calls for its repeal.

    What animates critics in the oil market about the Jones Act is that it increases the cost of shipping crude from the Gulf coast to the east coast above the rate charged by foreign-flagged carriers. That helps incentivise exports from Texas oilfields and imports by refiners in the east. The reliance on shipping reflects the fact that no crude oil pipelines link the oilfields of the central US to the east coast.

    “It’s basically a constraint on the efficient operation of the oil market,” says Sandy Fielden, director of research for commodities and energy at Morningstar.



    US lawmakers liberalised trade in crude oil in December 2015, allowing unfettered exports after years of tight restrictions for every destination but Canada. They let the Jones Act stand, though they gave some refiners temporary tax relief related to oil transport costs.

    The effects are plain to see. In 2015, tankers laden with crude oil from the US gulf coast delivered an average of 50,000 b/d to ports on the US east coast, according to ClipperData, a vessel tracking service. The volumes nearly halved in 2016 and have halved again this year, the data show.

    Shipments of US crude by railway to the east coast have also dwindled, according to the Energy Information Administration.

    US gulf coast crude oil exports to Canada averaged 300,000 b/d in 2015, ClipperData show. This year they have fallen to slightly more than 100,000 b/d.



    Ending the export ban has caused shipments to soar to countries previously blocked from buying US oil, including long hauls to Asia. Crude oil exports to countries other than Canada are averaging about 325,000 b/d this year, ClipperData’s records show, more than treble the levels of 2015.

    Meanwhile, US east coast refineries near Philadelphia and New York have been importing nearly 1m b/d from countries such as Nigeria and Angola, about 50 per cent higher than two years ago.

    The increased imports to the east coast come despite falling rates to hire a Jones Act tanker as the industry struggles with a surplus of ships built before the export ban was lifted. The US fleet of Jones Act tankers and tugboat-barge units totals 94 vessels, according to Overseas Shipholding Group, one of the biggest operators in the sector.

    Sam Norton, chief executive of OSG, estimates the cost of hiring one for crude service is about three to four times higher than using a foreign-flagged vessel. Some shipping consultants say it is even higher.

    “Jones Act is more expensive. Everybody knows that,” says Mr Norton.

    He acknowledges that the Jones Act shapes flows in petroleum markets. “If there was not a Jones Act, then there probably would be more movements of crude oil from Texas to Philadelphia,” he says.

    However, he says that pricing decisions by oil exporters, rather than transport costs, are the main factor driving whether US refiners process domestic or foreign crude. He adds that with US crude selling at sharp discount to similar foreign grades, shipments on Jones Act tankers to the east coast are again starting to generate interest. This week, West Texas Intermediate crude was selling for $5 a barrel less than Brent, the international benchmark.

    “Even using Jones Act [vessels], it makes it competitive for the east coast refineries to look at Texas crude as an alternative,” Mr Norton says. “The question is, will the Nigerians and Algerians respond by dropping their prices to compete?”

    The Jones Act is unlikely to abolished, despite the longstanding efforts of politicians such as Senator John McCain of Arizona.

    “Since people have been living with it for so long, it’s difficult to say what it would be like if they changed it or if it were repealed,” says Mr Fielden of Morningstar.

    Foreign demand for US crude is also likely to stay strong. In Canada a pipeline project called Energy East, which would have sent 1.1m b/d in domestic supplies to refineries in the eastern provinces, was just cancelled. That could cement that region’s reliance on imports from the US — barrels arriving on non-Jones Act ships that sail past Philadelphia and New York.

    https://www.ft.com/content/b1ea86dc-...9-abaa44b1e130

  6. #6
    WHT-BR Top Member
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    “swimming pools are draining”

    David Sheppard
    2017-10-18

    BP’s chief executive Bob Dudley, who famously said at the peak of the oil crash that traders would start filling swimming pools with crude, said on Wednesday that the market is rapidly tightening.

    “The swimming pools are draining,” Mr Dudley said on the sidelines of the Oil & Money conference in London. “Stock levels are just heading down, for both crude and products. So it does seem we’re heading towards the targets that were set by Opec.”

    He said stock levels globally were heading towards the five year average range.

    Mr Dudley, when asked if prices could go above $60 a barrel for the first time in two years, said that geopolitical risks were rising and we’re back in focus.

    “I think the world has put aside geopolitical risk for a few years now. We’re starting to see that again effective in the price,” he said. “But if you look just at the balance of supply and demand I think it [the oil price] is about in the right place.”



    Brent crude oil was trading above $58 a barrel on Wednesday, close to its highest level this year of $59.49 a barrel.

    Traders are sceptical, however, that crude can push sustainably above $60 a barrel without triggering a wave of new output from US shale.

    Iraqi forces retook oilfields from the Kurdish Regional Government this week after moving into the disputed city of Kirkuk. (Link to existing story).

    Iraq’s oil minister has said he wants BP to return to help develop the Kirkuk oil field. Mr Dudley said the company would “rule nothing out”.

    https://www.ft.com/content/c0cc097d-...c-4f36a498e1cd

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