Since the fourth quarter of 2019, States will begin to consistently export more oil than it imports. This forecast is contained in a new report by the energy information Administration of U.S. Department of energy (EIA).
This, of course, will not make US independent of global supply chains of oil. The United States will continue to purchase raw materials in the middle East and in Latin America. However, this forecast shows that the growth potential of U.S. shale production is far from exhausted.
And by December 2020, according to the EIA forecast, America will export 1.2 million barrels per day more oil and products than it imported. But just 10 years ago, the United States bought at 9.4 million barrels a day more than it sold abroad.
It is worth noting that for the first time the United States became a net exporter of oil in November 2018, albeit briefly – just for a week. This situation will periodically arise during 2019, and closer to the end of 2020 the excess of exports over imports will become the norm.
Actually, this could happen before, but the acquisition of America’s status as a net exporter was disrupted by the crisis that began in 2014. Now the US is again approaching towards this goal, said the World Oil resource.
However, according to the EIA forecast, the growth of shale production will slow down in 2019, but it will regain momentum in 2020 with the launch of a new trunk pipeline from the Permian basin to the Gulf coast, where the main export terminals.
USA is now the world’s largest consumer of oil, using about one of every five barrels produced in the world. But if the EIA forecast is justified, the United States will become one of the world’s largest net exporters. Because outside OPEC, only five countries produce more than 1 million barrels a day, Russia, Canada, Norway, Kazakhstan and Qatar.
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