The Texas Gulf Coast oil terminals sent abroad more crude than they received in April, the Energy Information Administration said this week. During that month, crude oil exports from the Houston-Galveston port district exceeded imports by 15,000 bpd. Over the next month, the advantage of exports over imports welled further, to an impressive 470,000 bpd.
Total U.S. oil exports in may hit a record of 2 million bpd, with Houston-Galveston’s share of the total at a record-breaking 70 percent, from an average of about 50 percent since the middle of 2017, the EIA said.
The bulk of crude oil exports from the Houston-Galveston area went to China, Canada, Italy, and the UK, with exports to China averaging 300,000 bpd in both June and July. This month, however, not a single crude oil cargo has been loaded for China, according to media reports, amid growing trade tensions between Washington and Beijing.
Meanwhile, however, Texas is on track to become the biggest oil producer after Russia and Saudi Arabia, according to production estimates by HSBC, quoted by CNN. If the estimates turn out to be correct, the Lone Star State will be pumping almost 6 million bpd in 2019.
More
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
3 comments:
Scratching my head...
So we (USA) are pumping/sending more crude out than receiving.
Texas is on track to become the biggest oil producer after Russia/Saudis.
Wondering out loud - Why in the hell do we STILL import oil from the Middle East? Their oil pretty than ours? If our refineries are soooo outdated, its time to build/rebuild.
MAGA!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I'm wondering too. Why do they need to import anything when they are exporting the same thing?
1051, nothing to do with "MAGA". Just as it was under Obama, this is good ol free market with some long-standing government policies at work. I wish you folks would actually research an issue for ounce before putting it in the Trump pile if its good news, and the [insert your insult] pile if its bad news. The real world is such a great place. Come out of the fantasy fiction section.
Post a Comment