IEA reports that U.S. shale revolution will reduce imports | Russell T. Rudy Energy LLC
The International Energy Agency (IEA) sees U. S. shale oil production reducing crude imports from Saudi Arabia and increasing gasoline exports. The IEA noted that Saudi exports of crude have dropped below 7 million barrels of oil per day (bopd) for the first time since September 2011, largely as a result of increased U. S. output.
Concurrently, the U. S. and Canada are projected to have a naphtha and gasoline surplus of 1.3 million bopd by 2019. If this is in fact the case, the U. S. would go from the largest importer of gasoline in the world to a net exporter. This turnaround would be partly attributable to expansion of the Valero and Marathon refineries to process increased domestic shale oil production.
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