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Chart 1: U.S. Crude Oil Export - (Annual Average)


3,000 2,500 2,000 1,500 1,000 500 0


Source: EIA


In 2015, President Barack Obama lifted the crude oil export ban 40 years after its implementation, which was encouraged by U.S. oil producers.  to see their margin lowering. At that time, U.S. crude oil inventories were at the highest levels ever, while domestic production was boosted by the shale oil boom.


 lifted, reaching 3.6 million barrels per day in February 2019. Adding to soaring domestic production, sanctions on countries like Venezuela and  cargoes to haul west (Chart 1).


 day in 2010 to below 200 thousand on average in 2018. This light sweet  domestically produced light oil from shale.


SOME TANKERS ARE NOW TRAVELLING EMPTY FROM ASIA, ALL THE WAY AROUND SOUTH AFRICA TO THE U.S. TO BE ABLE TO EXPORT AMERICAN’S CRUDE OIL IN THE OTHER DIRECTION.


Cargoes of heavy crude oil travelling west to the United States from the Middle East have also dropped over the past years. This is mostly due to the   imports from Canada by pipeline.


At the end of 2018, major oil producers including OPEC and Russia reached a deal to cut oil production and support prices. Despite the opposition of President Donald Trump, the alliance agreed to cut 1.2  of 2019.


As a result, a number of tankers are now travelling empty from Asia, all the way around South Africa to the United States to be able to export North American crude oil in the other direction.


Mickael Soussant E: mickael.soussant@admisi.com T: +44(0) 20 7716 8073


13 | ADMISI - The Ghost In The Machine | March/April 2019


(Thousands barrels per day)


1970 1975 1980 1985 1990 1995 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019


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