By February 14, 2018 0 Comments Read More →

IEA: U.S. oil production, exports means shift in trade patterns

A second wave of U.S. shale oil production, now a major exporter, means trade patterns are shifting to, not from, the Middle East, the IEA said.

The International Energy Agency said that supply-side strains are easing considerably. At this point last year, the global crude oil inventory sat at 264 million barrels above the five-year average and now that was close to 50 million barrels of overhang.

Strong global demand and an effort by the Organization of Petroleum Exporting Countries, with help from Russia, to balance the market with production cuts are eating into the surplus. That’s helped with crude oil price recovery, but also incentivized growth in U.S. shale oil production, where efficiency has improved along with market conditions…

 

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