Nov 14, 2019

The U.S. confirms its status as a petro-superpower

Adapted from EIA's outlook; Chart: Axios Visuals 

New data and projections confirm the emergence of the U.S. as a net exporter of crude oil and liquid petroleum products (gasoline, diesel and and more) combined.

Why it matters: The inflection point underscores the growth of the U.S. as a petro-superpower, although we still import millions of barrels of crude oil per day and production growth is slowing.

Driving the news: The Energy Information Administration yesterday said monthly data is expected to confirm something that's been emerging in weekly tracking.

  • "Based on preliminary data and model estimates, EIA estimates that the United States exported 140,000 [barrels per day] more total crude oil and petroleum products in September than it imported; total exports exceeded imports by 550,000 [barrels per day] in October," EIA said in its latest Short-Term Energy Outlook.

The big picture: "If confirmed in survey-collected monthly data, it would be the first time the United States exported more petroleum than it imported since EIA records began in 1949," the agency said.

What's next: EIA sees net exports of total crude oil and petroleum products averaging 750,000 daily barrels in 2020 compared with average net imports of 520,000 barrels per day this year.

Go deeper: The U.S. is a crude oil export powerhouse

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America blows past the world in oil and natural gas

Data: Oil Change International and the Global Gas and Oil Network, with data from Rystad Energy; Chart: Danielle Alberti/Axios

America is poised to produce far more oil and natural gas over the next five years than any other country in the world, according to a new report.

Why it matters: It shows how America, already the world’s largest oil and gas producer, is poised to cement that position, with pivotal implications for geopolitics and climate change.

Go deeperArrowDec 10, 2019

A not-so-good milestone for natural gas

Data: U.S. Energy Information Administration; Chart: Danielle Alberti/Axios

A record amount of U.S. natural gas was released or burned at oil-and-gas well sites last year, EIA data shows.

Why it matters: The report Friday on venting and flaring is latest sign of the oil industry's struggle to rein in climate-warming gases as U.S. oil production surges.

Go deeperArrowDec 9, 2019

OPEC prevents the bottom from dropping out

Photo: Omar Marques/SOPA Images/LightRocket via Getty Images

The upshot of the revised OPEC+ deal seems to be that they've kept a floor under prices for now and even pushed them up, but they've hardly juiced the market.

Catch up fast: OPEC and allied producers including Russia on Friday deepened their production-limiting deal by 500,000 barrels per day as they seek to prevent a glut. But there was a twist: Saudi Arabia pledged to continue with a voluntary output cut of another 400,000 daily barrels.

Go deeperArrowDec 9, 2019