Aug 2, 2019 - Energy & Environment

The U.S. is exporting oil to 31 countries

Data: U.S. Energy Information Administration; Chart: Axios Visuals

The U.S. is now exporting crude oil to a record number of 31 countries, according to newly released data from the U.S. Energy Information Administration.

Where it stands: U.S. oil exports are going all over the world, ranging from oil-rich United Arab Emirates to Australia, reaching 2.9 million barrels a day from essentially zero in 2015 before Congress lifted a 40-year-old ban on exporting crude oil.

The big picture: This is a remarkable turnaround fueled by America's booming oil and natural gas industry. Its impact on the average consumer is more muted because oil prices are traded on a global market and thus are fungible regardless.

  • This export boom is likely keeping prices at the pump lower than they might have been absent all this new oil on the global markets, which is in turn keeping oil prices lower than otherwise.

What's next: EIA senior petroleum markets analyst Mason Hamilton (whose tweet tipped this milestone) tells Axios...

“With all the infrastructure planned to facilitate even greater volumes of U.S. crude oil exports we will likely soon find out how big of a market is out there for U.S. crude oil."

Go deeper ... A petro-tipping point: U.S. to surpass Saudi oil exports

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Crude oil prices fall to 3-month low over coronavirus fears

Pedestrians wearing face masks cross a road in Hong Kong on Jan. 27. Photo: Anthony Wallace/AFP via Getty Images

Crude oil prices fell to their lowest levels in over three months Monday as traders weigh how much the spread of the coronavirus will eat into demand because travel and economic activity is curtailed.

Why it matters: The sharp drop, which follows declines last week, shows how the spreading virus is rippling through global markets.

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OPEC considers production cuts as coronavirus impacts China's oil demand

Photo: Ryad Kramdi/AFP via Getty Images

OPEC's possible responses to the spreading coronavirus that's hurting oil demand and prices are starting to come into view.

Why it matters: Besides killing more than 360 people so far, the outbreak is severely curtailing airline and economic activity in China, the world's largest oil importer and second-largest oil consumer.

Exclusive: IEA to track oil companies’ efforts on clean energy

Data: International Energy Agency; Chart: Danielle Alberti/Axios

The world’s oil and gas companies will undergo annual reviews by the International Energy Agency to assess how they’re doing on climate change and clean energy issues.

Driving the news: The group released a report on Sunday showing that oil and gas producers, including those owned by governments, spend on average just 1% of their total capital expenditure outside oil and gas.

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