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US Could Export More Oil Than OPEC Countries In 2017

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The U.S. may export more oil in 2017 than four OPEC member states produce, according to a survey of energy analysts by Bloomberg.

The U.S. is already outproducing Libya, Qatar, Ecuador and Gabon; in 2017, U.S. companies could ship more oil overseas than those OPEC nation pump out of the ground, according to Bloomberg.

“The United States has dramatically increased energy production and use even as emissions continue to decline,” Reid Porter, a spokesman for the American Petroleum Institute (API), told The Daily Caller News Foundation.

“For the first time in our lifetime, we can now say that North America has the potential to become a net energy exporter,” Porter said. “That’s a revolutionary change, a significant shift from where we were just a few short years ago.”

The U.S. Energy Information Administration (EIA) expects oil production to top nine million barrels a day in 2017. The U.S. surpassed both Saudi Arabia and Russia in 2015 as the world’s largest and fastest-growing producer of oil.

“Its like a game of chicken,” Fred Lawrence, vice president of economics at the Independent Petroleum Association of America (IPAA), told TheDCNF.

“OPEC of course, we know their only 82 percent compliant and they’ve reduced production by about 1.8 million barrels of oil a day,” Lawrence said. “That helps put a floor on the market. Our more capitalist focused market is reacting rational I guess in the sense of increase the number the number of rigs gradually. They’re becoming more efficient and shrinking to grow.”

Oil exports could boost the U.S. economy by $38 billion, reduce the trade deficit by $22 billion and add 300,000 new jobs by 2020, according to a study by ICF International and API. Another study by the Aspen Institute estimates exporting oil could keep the U.S. as the world’s largest oil producer while creating up to 1.48 million jobs.

“When you look at the 2014 numbers, they were very encouraging,” Lawrence told TheDCNF. “We’ve done studies showing that direct jobs, indirect jobs, and induced jobs will grow. There will be more jobs overall. That big structural change of being able to export every molecule of crude oil is very important.”

U.S. oil production soared due to increased use of hydraulic fracturing, or fracking, and horizontal drilling. In 2007, America imported about 60 percent of its oil, but by 2014, the U.S. only imported 27 percent of its oil — that’s the lowest level since 1985, according to government data.

However, U.S. oil imports likely won’t fall much further, even if oil exports increase, as many oil refineries in the country are designed to process the relatively cheap high-sulfur and high-density oil produced in Canada and parts of the Middle East and Latin America.

“This is roughly where we’ll be on imports for quite some time, ” Lawrence said. “The big difference is the amount we’ll export. In 2002 we exported 9,000 barrels a day on average. In 2016 through November, the average was 527,000 barrels a day. When you include all the products like gasoline, that’s an order of magnitude larger.”

America is even exporting crude oil to other countries, including OPEC members, after repealing a ban on exports last December. Venezuela, a member of OPEC, has been forced by its failing economy to accept its first shipment of American crude oil last February, despite having some of the world’s largest petroleum reserves.

Daily Caller



24 Comments on "US Could Export More Oil Than OPEC Countries In 2017"

  1. Midnight Oil on Sun, 5th Feb 2017 4:20 pm 

    And Donald Trump could make America Great Again!
    Boy, these folks are literally madman, friggin gonzo…
    Suppose we should just vaporize the dire warning Climate Science has put in our face for DECADES?
    I am ashamed at my Generation…shame as the Old Boss!

  2. rockman on Sun, 5th Feb 2017 4:38 pm 

    I can only assume such crap is posted here just to give us something to laugh at. First, as pointed out many times before, the US has never had an effective ban on exporting our oil. Since the “ban” was signed into law in the 70’s more the 1 BILLION BBLS OF US OIL HAVE BEEN EXPORTED. Most of it to Canada which is actually exempt even before President Obama cancelled the non-existant ban in Jan 2016…not 2015 as this fool writes. If fact the most ironic part of his lifting the ban farce was that more US oil was exported during his presidency then during any other POTUS and that was before Jan 2016. And he can’t even deny it because those are the stats from his own govt agency, the EIA:

    https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=mcrexus1&f=a

    The same agency whose latest stats (Nov 2016) show the US was still a NET OIL IMPORTER at the rate of 4.9 MILLION BBLS OF OIL PER DAY. BTW US net oil IMPORTS reached their low (4.2 mm bopd) in Oct 2015 and have been increasing slowly since then thanks to slowly declining US oil production:

    https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=mttntus2&f=m

    Notice how they like to slip back and forth between referencing “US” and “North America”. North America which is composed of the NET IMPORTER US and the NET EXPORTER Canada. I guess that trick might worth with some of the ignorant public.

    BTW Venezuela has been importing LIGHT OIL from various countries for sometime. In fact for the same reason another NET OIL EXPORTER, Canada, has been importing condensate from the US: to mix with its heavy oil (aka dilbit) to pump it down pipelines and to make blended oil for the refineries to process.

  3. rockman on Sun, 5th Feb 2017 4:42 pm 

    Midnight – “I am ashamed at my Generation”. As well as you should be since the fossil fuel consumers of your generation are collectively by far the biggest DIRECT producers of GHG on the planet

  4. Midnight Oil on Sun, 5th Feb 2017 4:49 pm 

    Right on rockman..No disagreement by me about THAT….nos what are you going to dish out,
    GRAMPS? BTW. It’s NOT just about Fossil Fuels..
    Cam you take a guess on some others?

  5. Kevin Cobley on Sun, 5th Feb 2017 5:51 pm 

    America consumes 18.6mbpd produces somewhere between 10mbpd and 12mbpd depending on whose figures one believes, meaning The US will import somewhere between 6.6mbpd and 8.6mbpd. The US an oil exporter a little hard to believe.

  6. Mark ziegler on Sun, 5th Feb 2017 7:11 pm 

    I can’t imagine what the Texas landscape is going to look like. Just trash the water table while you are at it.

  7. Nony on Sun, 5th Feb 2017 7:16 pm 

    1. It’s just a swap. Exporting grades we don’t need here for grades we do.

    2. Rock is full of it on the export restrictions. It was like free money (couple bucks free crack spread) to buy EF in Maritimes Canada in 2014. Just more word games. Something does not need to be a 100% ban to have commercial impact. Ask anyone trading crude slates.

  8. Plantagenet on Sun, 5th Feb 2017 8:03 pm 

    It really doesn’t matter if the US is a net energy exporter or not. The big story is that the huge increase in US oil production has helped produce a global oil glut that has lasted several years already.

    Cheers!

  9. Keith McClary on Sun, 5th Feb 2017 8:27 pm 

    @rockman They also slip back and forth between referencing “exports” and “net exports” and between “oil” and “energy”.

  10. rockman on Sun, 5th Feb 2017 9:22 pm 

    “Something does not need to be a 100% ban to have commercial impact.” So from Nony we now have a new definition of a “100% ban”. Last time I looked something less than a “100% ban” was called exporting.

    What’s next: being 40% pregnant = virgin. LOL.

    Some folks may be thinking the US exporting oil has some positive connotation about the situation in our country. It does not. All it means is that foreign refineries are outbidding the US refineries for our domestic oil production. Maybe they aren’t familiar with the concept of a “free market”. You know, the free market where there is no ban on selling a commodity to whoever offers the highest f*cking price for it. LOL.

    Unless the US actually puts an effective oil export ban in place and we start exporting a significant volume it will only mean the US economy is unable to compete against those foreigners buying our oil. Not something any US citizen should be happy about.

    And it sure as hell won’t mean the US has become “energy independent”.

  11. rockman on Sun, 5th Feb 2017 9:26 pm 

    Keith – Yep, sometimes difficult to tell if such articles are propaganda or just the product of a crappy writer. LOL

  12. antaris on Sun, 5th Feb 2017 9:57 pm 

    Or Plant, the rest of the world couldn’t give a shit about the the “huge increase “, they just couldn’t afford $54.00/barell oil.

  13. Nony on Sun, 5th Feb 2017 10:04 pm 

    Well a well that is choked down to limit flow to 1 bpd is still flowing, still “non virginal”. Is it OK if I just choke all your wells down like that? [Since you live in an “on versus off” world, they’re still on.] How will that affect your economics? Well the wells will still be flowing, so no problem.

  14. GregT on Sun, 5th Feb 2017 11:37 pm 

    “The big story is that the huge increase in US oil production has helped produce a global oil glut that has lasted several years already.”

    The even bigger story is that even with The Oil Glut™, we are paying much higher prices at the pump than we have been for much of the last 100 years.

    When there was no Oil Glut™. Gee, I wonder why that would be?

  15. Nony on Mon, 6th Feb 2017 12:05 am 

    I sucked so much cock last night I think I’m pregnant. But that doesn’t mean I’m gay or bi. I’m strictly hetero. Fuck you guys and your binary world.

  16. Hubert on Mon, 6th Feb 2017 6:16 am 

    WHAT PLANETS ARE THESE IDIOTS LIVING ON?
    https://www.youtube.com/watch?v=qaPnu9LciuI&t=1558s

  17. BobInget on Mon, 6th Feb 2017 9:48 am 

    Most Wednesdays Oil ‘bulls’ constantly complain when imports rise above REQUIRED 6.5 M Bp/d . Shouts grow louder with every ‘extra’ million barrels that clearly should be tagged speculative. It’s way cheap to store tax free oil eleven months in any year. (Storage, not consumption, seems to guide short-term pricing)

    Most traders are either too dumb or too lazy to think
    more then a few hours ahead.

    Again, like real-estate, O&G, location/location/location.

    If Canada, Mexico, Venezuela need certain grades not available in one region, trades are exchanged.

    Mexico for instance has been ‘exporting crude’ to the US for refining. Nearby US refineries simply return
    diesel or gasoline as needed. Mexico remains a negative crude importer.

    IMO… It’s Venezuela, not SAUDI ARABIA have the world’s largest proven reserves. Canadian crude is just beginning to become America’s pre emanate supplier
    as Venezuela struggles to fill Chinese tankers with loan service demanded 2.5 M B p/d.

    When, not if, Venezuelan exports to the US slow to a drip… as W. Buffet is fond of saying: “When tides go out, we see who’s wearing bathing suits”.

    Remember, we still absolutely require 6.5 M B every bloody day. When/if imports shrink below that, man the boats.

    Except for Alberta’s oil sands Canada’s proven reserves are limited. (same said for Venezuela’s
    Orinoco oil sands)

  18. Davy on Mon, 6th Feb 2017 10:15 am 

    Bob, that is what the Nimitz is for on those days when we have to man the boats. Do you really think if the US is collapsing China is going to collect that Venezuelan crude. Reality changes once in those new scenarios. Your problem is talking scenrio change without the mentality change. The Nimitz may not succeed in getting oil if Venezuela decided to torch their oil but then no one gets it.

  19. Dredd on Mon, 6th Feb 2017 10:20 am 

    Assertions to the contrary of (The Psychology of the Notion of Collective Guilt) are phony alt-guilt spread by the obvious Oil-Qaeda trolls among us (The Private Empire’s Social Media Hit Squads – 2).

    “The US could” own up to that.

  20. Southwest_PA on Mon, 6th Feb 2017 1:26 pm 

    The headline is the first bit of crap journalism here… the second paragraph clarifies that they are referring to just four OPEC nations, and not the big boys either: Libya, Qatar, Ecuador and Gabon. Talk about cherry picking data! Then again, we shouldn’t expect too much from an outfit like The Daily Caller.

  21. Ghung on Tue, 7th Feb 2017 5:10 pm 

    I haven’t checked in for a while. Nice to see Rockman still calling out bullshit, Planty is still a broken-fuckin’-record pretending to be somebody, Davy is still stating the obvious, and Nony is still sucking cock.

    What a great bunch!

  22. Davy on Tue, 7th Feb 2017 5:17 pm 

    Well, Ghung we are happy how about you?

  23. Cloggie on Tue, 7th Feb 2017 5:19 pm 

    I haven’t checked in for a while.

    Mostly since November the 8, if memory serves. Winter must have been hell for you, probably still is.

    Nice to see Rockman still calling out bullshit, Planty is still a broken-fuckin’-record pretending to be somebody, Davy is still stating the obvious, and Nony is still sucking cock. What a great bunch!

    But this is all going to change from now on: he’s back, with a vengeance!

  24. Ghung on Tue, 7th Feb 2017 5:47 pm 

    Cloggo said; “Mostly since November the 8, if memory serves. Winter must have been hell for you, probably still is.”

    Just the opposite, Clog. Winters are nice here. Things slow down, we stay warm by the fire and enjoy the fruits of our summer labors. The ‘snowbirds’ (mainly from Florida) fly south for the winter, so the roads are much safer, and lately I’ve been watching your boy Donald show himself for the complete ass he is. Kellyanne has been better than any of the comedy shows; a big laugh per day it seems. Poor girl looks sick. I guess selling your soul can do that.

    Anyway, humanity is still on track for the big reset, ‘interesting times’ get more interesting as time meanders on, and a lot of folks still think we can fix this shit. I guess they need to. Me? I just put another log on the fire and open another jar of pickles.

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