NEW YORK/LONDON/SINGAPORE (Reuters) - In the two years since Washington lifted a 40-year ban on oil exports, tankers filled with U.S. crude have landed in more than 30 countries, ranging from massive economies like China and India to tiny Togo.
FILE PHOTO: An oil tanker stands attached to a mooring station near a refinery in Bayonne, New Jersey, U.S., August 24, 2011. REUTERS/Lucas Jackson/File Photo
The repeal has unleashed a flood of U.S. shale oil, undercutting global crude prices, eroding the clout of the Organization of Petroleum Exporting Countries (OPEC) and seizing market share from many of its member countries.
In 2005, before the shale revolution, the United States had net imports of 12.5 million barrels per day (bpd) of crude and fuels - compared to just 4 million bpd today.
U.S. producers are making new customers out of some of the world’s biggest oil-importing nations in Asia and Europe, posing a serious competitive threat to the only other countries that produce as much crude: Saudi Arabia and Russia. At home, the export boom has filled pipelines and sparked a surge of investment in new shipping infrastructure on the Gulf Coast.
(For an interactive graphic detailing the global impacts of the U.S. shale revolution, see: tmsnrt.rs/2EtJgen)
U.S. producers now export between 1.5 million and 2 million barrels of crude a day, which could rise to about 4 million by 2022. The nation’s output is expected to account for more than 80 percent of global supply growth in the next decade, according to Paris-based International Energy Agency.
Much of the increased flow will go to China, the world’s top importer and, since November, the largest buyer of U.S. crude other than Canada.
