Post by Ethan / JRyan on Mar 10, 2019 18:00:07 GMT -5
Makes you think as the technology matures what does this mean for other shale areas in the world?
America is set to surpass Saudi Arabia
Feb 07, 2018 3:40 PM
As World Oil Market Dramatically Changes, the U.S. Exported Oil to This Gulf State for the First Time
America is set to surpass Saudi Arabia
New York (CNN Business)Move over, Saudi Arabia. America is about to steal the kingdom's energy exporting crown.
The United States will surpass Saudi Arabia later this year in exports of oil, natural gas liquids and petroleum products, like gasoline, according to energy research firm Rystad Energy.
That milestone, driven by the transformative shale boom, would make the United States the world's leading exporter of oil and liquids. That has never happened since Saudi Arabia began selling oil overseas in the 1950s, Rystad said in a report Thursday.
"It's nothing short of remarkable," said Ryan Fitzmaurice, energy strategist at Rabobank. "Ten years ago, no one thought it could happen."
The expected breakthrough reflects how technology has reshaped the global energy landscape. Drilling innovations have opened up huge swaths of oil and natural gas resources that had been trapped in shale oilfields in Texas, North Dakota and elsewhere.
Led by shale, US oil production has more than doubled over the past decade to all-time highs. The United States now pumps more oil than any other country, including Russia and Saudi Arabia.
"The shale boom has driven incredible increases in production," said Fitzmaurice. "US production is off the charts."
The United States will surpass Saudi Arabia later this year in exports of oil, natural gas liquids and petroleum products, like gasoline, according to energy research firm Rystad Energy.
That milestone, driven by the transformative shale boom, would make the United States the world's leading exporter of oil and liquids. That has never happened since Saudi Arabia began selling oil overseas in the 1950s, Rystad said in a report Thursday.
"It's nothing short of remarkable," said Ryan Fitzmaurice, energy strategist at Rabobank. "Ten years ago, no one thought it could happen."
The expected breakthrough reflects how technology has reshaped the global energy landscape. Drilling innovations have opened up huge swaths of oil and natural gas resources that had been trapped in shale oilfields in Texas, North Dakota and elsewhere.
Led by shale, US oil production has more than doubled over the past decade to all-time highs. The United States now pumps more oil than any other country, including Russia and Saudi Arabia.
"The shale boom has driven incredible increases in production," said Fitzmaurice. "US production is off the charts."
Feb 07, 2018 3:40 PM
As World Oil Market Dramatically Changes, the U.S. Exported Oil to This Gulf State for the First Time
U.S. energy exports now rival those of Russia and Middle Eastern nations and put the U.S. on track to be one of the world's largest oil exporters. In one of the most stark examples of the surge in U.S. oil production, a new report from Bloomberg shows that the UAE has imported oil from the U.S. for the first time in history, making the Middle East an American oil importer.
Bloomberg notes, "The cargo was shipped from Enterprise Products Partners LP’s Houston terminal on the tanker Seoul Spirit, which arrived Jan. 31 at the Port of Ruwais in Abu Dhabi, according to ship tracking data compiled by Bloomberg. Until last year, the UAE relied on Qatar for its condensate supply."
Surging U.S. shale production is poised to continue pushing U.S. oil output to more than 10 million barrels per day - toppling a record set in 1970 and crossing a threshold few could have imagined even a decade ago. The U.S. government forecasts that the nation’s production will climb to 11 million barrels a day by late 2019, a level that would rival Russia, the world’s top producer.
Bloomberg notes, "The cargo was shipped from Enterprise Products Partners LP’s Houston terminal on the tanker Seoul Spirit, which arrived Jan. 31 at the Port of Ruwais in Abu Dhabi, according to ship tracking data compiled by Bloomberg. Until last year, the UAE relied on Qatar for its condensate supply."
Surging U.S. shale production is poised to continue pushing U.S. oil output to more than 10 million barrels per day - toppling a record set in 1970 and crossing a threshold few could have imagined even a decade ago. The U.S. government forecasts that the nation’s production will climb to 11 million barrels a day by late 2019, a level that would rival Russia, the world’s top producer.