Posted June 17, 2014
IEA: North American Dominance in Fuel Trade to Grow on Shale
Bloomberg: North America’s dominance of global exports of refined fuels will expand to unprecedented levels by 2019 as the shale revolution makes U.S. refineries more competitive, the International Energy Agency said.
The continent will become a “titan of unprecedented proportions” and its oil refineries will export about 3.5 million barrels a day by the end of the decade, the Paris-based adviser to 29 oil-consuming nations said in a report today. North America’s imports of crude will be 2.6 million.
“Less than ten years ago, the United States was the world’s largest importer of refined products,” the IEA said in its Medium-Term Oil Market Report, which forecasts energy-market trends. “Today it has become the world’s largest liquids producer, ahead of Saudi Arabia and Russia, as well as its largest product exporter.”
The shale supply surge means that U.S. oil refineries benefit from cheaper crude than their counterparts elsewhere in the world. West Texas Intermediate, the U.S. grade, has been cheaper than the global benchmark Brent for almost all of the past four years. The output expansion contrasts with the Organization of Petroleum Exporting Countries, whose producers may struggle to raise production amid political turmoil, security concerns and aging fields, the IEA said.
Read more: http://bloom.bg/T47UsA
More industry news:
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- Shale Revolution Seen Spreading Beyond North America Before End of Decade (subscription required): http://on.wsj.com/1slqjRS
- Editorial: Clinton on Keystone (subscription required): http://on.wsj.com/1slnNLp
- Analysis: Russian $8.2 Trillion Oil Trove Locked Without U.S. Tech: http://buswk.co/1uAC2If
- Industry, Labor Union Urge Senate to Act on Keystone XL: http://bit.ly/U6igJm