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US could become world's biggest oil exporter in 2019

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In 2019 the US looks set to overtake Saudi Arabia to become the world’s biggest oil exporter according to Citigroup, which will be a major shake-up for the global oil markets.

The prediction has been made in the midst of surging American production, whilst OPEC members continue to curb their own production. According to US government data, American exports of crude oil rose to a record 8.3 million barrels a day in late-April. This is in comparison to Saudi Arabia’s 9.3 million barrels a day throughout January and Russia’s shipments of 7.4 million barrels a day during the same period.
American exports of crude oil rose to a record 8.3 million barrels a day in late-April.
(Image via Flickr user Sergio Russo).

Moves by OPEC member countries to reduce output, has inspired a surge in production amongst American shale drillers, with output expected to hit record levels. 

Commentators also point out the role that China is playing in this global shift. China appears to be pivoting away from Saudi oil and towards Russia and the US. Tim Daiss writing for highlights that: ‘Unipec, the trading arm of state-run Sinopec Group, said that it plans to continue to cut their Saudi Arabian crude oil purchases for June and July loadings, after slashing May shipments by 40 percent. Unipec executives said that Arab Light crude is no longer competitive against other crude blends. Unipec executives have said previously that such price increases were “unreasonable”’. 2017 also saw Russia overtake Saudi Arabia as China’s top crude oil supplier.

The US is finding more buyers in Europe with the Hellenic Shipping News reporting that Europe will see a high volume of US crude oil exports land its coasts throughout May and June. The volume of these exports could be as much as 800,000 b/d between mid-May and mid-June, including 25 million barrels in May overall.

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US could become world's biggest oil exporter in 2019 - Time to read 2 min
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