{"id":2878,"date":"2017-02-03T04:42:46","date_gmt":"2017-02-03T04:42:46","guid":{"rendered":"http:\/\/arabicfxadvisors.com\/english\/?p=2878"},"modified":"2017-02-03T04:42:46","modified_gmt":"2017-02-03T04:42:46","slug":"u-s-may-export-oil-2017-four-opec-nations-produce-2-feb-2017","status":"publish","type":"post","link":"https:\/\/arabicfxadvisors.com\/english\/u-s-may-export-oil-2017-four-opec-nations-produce-2-feb-2017\/","title":{"rendered":"U.S. May Export More Oil in 2017 Than Four OPEC Nations Produce &#8211; 2 Feb, 2017"},"content":{"rendered":"<p>U.S. crude exports are poised to surpass production in four OPEC nations in 2017 and may grow even more if President Donald Trump honors pledges to ease drilling restrictions and maximize output.<\/p>\n<p>The world\u2019s largest oil-consuming country could sell as much as 800,000 barrels a day of crude overseas this year, according to four analysts surveyed by Bloomberg. That\u2019s more than OPEC producers Libya, Qatar, Ecuador and Gabon each pumped in December. The U.S. exported 527,000 barrels a day in the first 11 months of 2016, Energy Information Administration data show.<\/p>\n<p>Chalk it all up to a resurgence in shale oil and gas, which Trump is counting on to create jobs and rebuild roads, schools and bridges. U.S. output will rebound to more than 9 million barrels a day in 2017 after sliding 5.6 percent to 8.87 million in 2016, the EIA <a title=\"Production Estimates\" href=\"https:\/\/www.eia.gov\/opendata\/qb.php?sdid=STEO.COPRPUS.A\" target=\"_blank\" rel=\"nofollow noopener\">estimates<\/a>. And since restrictions on U.S. crude exports were lifted in late 2015, domestic producers are free to seek buyers in Europe, Asia and Latin America, which are on the lookout for alternate suppliers after OPEC and non-OPEC producers <a title=\"OPEC Confounds Skeptics, Agrees to First Oil Cuts in 8 Years (1)\" href=\"http:\/\/www.bloomberg.com\/news\/articles\/2016-11-30\/opec-said-to-agree-oil-production-cuts-as-saudis-soften-on-iran\" target=\"_blank\">agreed<\/a> to trim 2017 output.<\/p>\n<p>\u201cGodzilla is even taller in person,\u201d Vikas Dwivedi, senior analyst at Macquarie Capital (USA) Inc., said in a telephone interview from Houston. \u201cU.S. production will be bigger than most people are expecting.\u201d<\/p>\n<p>Macquarie sees annual output reaching 9.37 million, while Turner, Mason &amp; Co. and Lipow Oil Associates each put it around 9 million. Wood Mackenzie forecast a more-conservative 8.75 million.<\/p>\n<h3>Price Pressure<\/h3>\n<p>The increased supply is likely to pressure prices of domestic crude, including the benchmark West Texas Intermediate grade, making it more globally competitive, said Afolabi Ogunnaike, Wood Mackenzie\u2019s Houston-based senior research analyst for Americas refining and oil product markets. WTI was $2.89 a barrel cheaper than European benchmark Brent crude on Jan. 31, the widest discount since December 2015.<\/p>\n<p>But why seek markets abroad when the U.S. is still one of the world\u2019s biggest crude importers, has abundant and inexpensive oil on the horizon and has inaugurated a new president with the stated goal of weaning the country off crude from the\u00a0<a title=\"EIA\" href=\"http:\/\/www.eia.gov\/dnav\/pet\/hist\/LeafHandler.ashx?n=PET&amp;s=MCRIMXX2&amp;f=M\" target=\"_blank\" rel=\"nofollow noopener\">Organization of Petroleum Exporting Countries<\/a>? Because it makes business sense.<\/p>\n<p>The U.S. imported 7.88 million barrels a day of crude in the first 11 months of 2016, including about 3 million from OPEC. And in the first week of January, the country sent a\u00a0record amount overseas, according to the EIA.<\/p>\n<p>That\u2019s because U.S. refiners were designed to process relatively cheap high-sulfur and high-density crudes produced in Canada and parts of the Middle East and Latin America. They\u2019re not set up to handle the low-sulfur, less dense crude being produced in Texas\u2019 Permian Basin and Eagle Ford regions, where most of the U.S. output growth has occurred.<\/p>\n<p>\u201cIf the U.S. system can\u2019t take the crude it produces, it will have to export it,\u201d Macquarie\u2019s Dwivedi said.<\/p>\n<p>Strict adherence to the output cuts OPEC and non-OPEC nations agreed to in November will also provide U.S. producers with a foothold into international markets. OPEC members could reduce supplies by <a title=\"OPEC Shipments Show High Level of Compliance With Cuts Deal (1)\" href=\"http:\/\/www.bloomberg.com\/news\/articles\/2017-01-27\/opec-oil-shipments-show-high-level-of-compliance-with-cuts-deal\" target=\"_blank\">900,000 barrels<\/a> a day in January, the first month of implementation of the accord designed to eliminate a global supply glut, according to estimates from tanker-tracker Petro-Logistics SA. That\u2019s about 75 percent of the agreed-upon reduction.<\/p>\n<p>\u201cIf OPEC does comply with its cuts, we can expect to see exports rise and that will come from the increased production that we are expecting from the U.S.,\u201d Andy Lipow, president of Lipow Oil Associates, a Houston-based consulting company, said in a telephone interview.<\/p>\n<p>Source: Bloomberg<\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. crude exports are poised to surpass production in four OPEC nations in 2017 and&#8230;<\/p>\n","protected":false},"author":2,"featured_media":1903,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[373],"tags":[],"class_list":["post-2878","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-news"],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>U.S. May Export More Oil in 2017 Than Four OPEC Nations Produce - 2 Feb, 2017 -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/arabicfxadvisors.com\/english\/u-s-may-export-oil-2017-four-opec-nations-produce-2-feb-2017\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S. May Export More Oil in 2017 Than Four OPEC Nations Produce - 2 Feb, 2017 -\" \/>\n<meta property=\"og:description\" content=\"U.S. crude exports are poised to surpass production in four OPEC nations in 2017 and...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/arabicfxadvisors.com\/english\/u-s-may-export-oil-2017-four-opec-nations-produce-2-feb-2017\/\" \/>\n<meta property=\"article:published_time\" content=\"2017-02-03T04:42:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/arabicfxadvisors.com\/english\/wp-content\/uploads\/2016\/03\/oil99.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"710\" \/>\n\t<meta property=\"og:image:height\" content=\"410\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Fx Advisor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fx Advisor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/arabicfxadvisors.com\/english\/u-s-may-export-oil-2017-four-opec-nations-produce-2-feb-2017\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/arabicfxadvisors.com\/english\/u-s-may-export-oil-2017-four-opec-nations-produce-2-feb-2017\/\"},\"author\":{\"name\":\"Fx Advisor\",\"@id\":\"https:\/\/arabicfxadvisors.com\/english\/#\/schema\/person\/86a15b1444dc3cf22d3943734b86607d\"},\"headline\":\"U.S. May Export More Oil in 2017 Than Four OPEC Nations Produce &#8211; 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