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A coup in the world oil market led by America and China


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A coup in the world oil market led by America and China

Post by rocky on Sat 10 Feb 2018, 8:45 am

[size=30]A coup in the world oil market led by America and China[/size]
10/02/2018 12:58 | Number of readings:
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[rtl]Trend Press / Agencies[/rtl]

[rtl]It seems that the oil map, which has been known for more than 40 years, is going to undergo a drastic change, after an American expansion in production and export on the one hand, and a Chinese tendency to compete with the United States in the price domination of crude on the other hand.[/rtl]
[rtl]According to Bloomberg, official US data indicated that the United Arab Emirates - one of the members of the Organization "OPEC" - imported crude from the United States last December.[/rtl]
According to official data released by the agency this week, the Arab state imported about 700 thousand barrels of a kind of light crude from the United States last December.
According to preliminary estimates, the production of the United Arab Emirates in January was 2.85 million barrels per day, where production fell from levels in December 2016 when it reached 3.07 million barrels.
At the level of data announced, the UAE at the end of 2017  reduced production  by 7 thousand barrels per day.
OPEC producers agreed at the end of 2016 to reduce oil production by 1.8 million barrels per day, and will continue to work by the end of this year.
Change has begun to permeate the oil map since the United States announced at the end of 2015 the lifting of its 40-year oil embargo, coinciding with the boom in oil production.
Of the 100,000 barrels exported by American ports in 2013, exports reached 1.53 million barrels last November, with US crude moving around the world.
The US embargo on oil exports dates back to 1975, two years after the Arab countries banned the sale of their products to the United States at the time of the October war.
The ban caused a major US crisis, with motorists and factories suffering from fuel shortages, and the appearance of cars outside the gas stations became a nightmare that terrifies the US population.
But in December 2015, the US Congress voted to lift the ban on oil exports under a broader law that would bar the federal government from closing at the time.
US crude production in 2013 was 7.4 million barrels per day, while production now rose to  a record level . According to the latest data released, US crude production reached 10.25 million barrels per day.
US production seems unlikely to stop at that stage. The US Energy Information Administration has  raised its  latest production estimates in the United States by about 3.1% this year and 2019.
The United States is expected to become a  50 percent oil and gas producer by any other country in the world, becoming a net exporter of crude by the end of 2020 , according to a report by the International Energy Agency  .
The average crude production in the United States will reach 10.59 million bpd this year and 11.18 million bpd in 2019, she said.
In contrast, the production of "OPEC" of crude amounted to 32.416 million barrels per day in December, an increase of 42.4 thousand barrels per day from November rates.
At the 2017 level,  OPEC production reached  32.393 million barrels per day, down from its level in 2016, which reached 32.643 million barrels per day.
Not only is the US intervening to bring about market change, it is clear that  China will have  another influential rolein the coming period after the official announcement of the date of future oil contracts for crude in yuan.
After five tests of this system last year, and facing the trading platform a minor defect to be processed, China will start in March to launch future contracts denominated in yuan.
The plan, which has been widely accepted for years, is that oil is traded in the currency of the dollar, which may put pressure on the US currency from its Chinese counterpart, and a change in the price map.

    Current date/time is Sun 18 Nov 2018, 8:19 am