U.S. exports of oil to increase
Posted: Mon Sep 25, 2017 9:37 am
U.S. oil exports to meet 5 percent of non-U.S. global demand by 2022. Reuters.
Crude oil exports from the United States will increase to meet 5 percent of global demand by 2022, as refiners (outside of the U.S.) seek more low-sulfur crude to meet stricter rules for cleaner fuels, an executive from Enterprise Partners LP said on Monday. U.S. oil exports may rise to about 4 million barrels per day (bpd) by 2022, a four-fold jump from this year, said Brent Secrest, a senior vice president at Enterprise Products. During that same period, global oil demand, excluding the U.S., may rise to as much as 73 million bpd, up from 65 million bpd currently, he said. Demand for light, low-sulfur, or sweet, crude is set to rise as countries push refiners to produce cleaner fuels, as highlighted by the Internationals Maritime Organization’s (IMO) new rules to cut the sulfur content in the fuel used in large container ships, or bunker fuel, by 2020. “The (crude oil) barrels have to clear across the water ... To the demand in Asia, to the demand in Europe,” he told an industry event in Singapore.
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This should push WTI toward Brent.
Crude oil exports from the United States will increase to meet 5 percent of global demand by 2022, as refiners (outside of the U.S.) seek more low-sulfur crude to meet stricter rules for cleaner fuels, an executive from Enterprise Partners LP said on Monday. U.S. oil exports may rise to about 4 million barrels per day (bpd) by 2022, a four-fold jump from this year, said Brent Secrest, a senior vice president at Enterprise Products. During that same period, global oil demand, excluding the U.S., may rise to as much as 73 million bpd, up from 65 million bpd currently, he said. Demand for light, low-sulfur, or sweet, crude is set to rise as countries push refiners to produce cleaner fuels, as highlighted by the Internationals Maritime Organization’s (IMO) new rules to cut the sulfur content in the fuel used in large container ships, or bunker fuel, by 2020. “The (crude oil) barrels have to clear across the water ... To the demand in Asia, to the demand in Europe,” he told an industry event in Singapore.
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This should push WTI toward Brent.