The oil exports of States by the end of 2017 averaged 1.1 million barrels per day. As noted by the energy information Administration (EIA) of the Ministry of energy of the country, it is almost twice times higher than in 2016.
“This is the second full year after the US was easing restrictions on oil exports. In 2017 oil exports was almost two times higher than in 2016. The growth was driven by the increase in oil production in the U.S. and infrastructure expansion,” – said in a press release, EIA.
Moreover, the list of countries which now comes U.S. crude oil, rose from 27 to 37. However, the main export direction, as in the past, remained in Canada, however, its share in total exports of U.S. oil drastically declined from 61% in 2016 to 29% in 2017.
The second largest export destination was China, occupying 20-procentul share. The supply of raw materials to China last year averaged about 200 thousand barrels per day. In third place were the UK (9%), the fourth – the Netherlands (8%). American oil has gotten even India, which had never imported this raw material from the United States.
Is happening once again confirms the correctness of the consulting firm Wood Mackenzie, which predicted that by mid 2020-ies of the United States will be forced to be in the top 5 world’s largest oil exporters. American oil exports would reach 4 million barrels per day, which is a similar volume of foreign supplies of Iraq and Canada.
All this oil the US will lead to the external market because of the “limited additional demand for these volumes in the domestic petroleum refining system”, says WoodMac’s chief economist, ed Rawle. The problem is that most of the new crude oil will be a light raw material varieties Light Sweet and Ultra Light.
And American refineries are built specifically for processing medium and heavy crude oil. So, in 2016, only 32% of the raw materials processed in the United States, belonged to the lighter grades. In this situation, the American petroleum industry is faced with the dilemma – either to invest heavily in the refurbishment of the refinery, or just send light crude oil for export, instead of, as before, purchasing the necessary heavy grade in foreign markets. From the point of view of economic feasibility the second option is preferable.