The Briefing Room

General Category => Science, Technology and Knowledge => Energy => Topic started by: thackney on February 27, 2019, 06:01:01 pm

Title: U.S. Oil Imports at 23-Year-Low, Output Hits Another Record
Post by: thackney on February 27, 2019, 06:01:01 pm

U.S. Oil Imports at 23-Year-Low, Output Hits Another Record
https://www.rigzone.com/news/wire/us_oil_imports_at_23yearlow_output_hits_another_record-27-feb-2019-158262-article/ (https://www.rigzone.com/news/wire/us_oil_imports_at_23yearlow_output_hits_another_record-27-feb-2019-158262-article/)

The U.S. imported the least amount of crude oil on a weekly basis in 23 years, as OPEC-members Saudi Arabia and Venezuela cut their shipments to unusually low levels.

Weekly crude imports fell 1.61 million barrels a day to 5.92 million, the lowest level since 1996. Weekly imports from Saudi Arabia fell to 346,000 barrels a day for the week ending Feb. 22, the Energy Information Administration reported Wednesday. Domestic crude production skyrocketed to 12.1 million barrels a day.

The fall in imports comes as Venezuelan oil shipments drop due to U.S. sanctions against the government of Nicolas Maduro, and as Saudi Arabia curtails exports to the U.S. in an effort to reduce an oil glut in America. American crude stockpiles fell 8.65 million barrels last week.

Saudi Arabia Energy Minister Khalid Al-Falih said earlier that the Saudis are leaning toward extending oil-output cuts into the second half of this year. His remarks came after U.S. President Donald Trump tweeted this week that oil prices are too high and called on the Organization of Petroleum Exporting Countries to relax production curbs. Last year, the Saudis boosted production to record levels after Trump expressed displeasure at rising prices....

Title: Re: U.S. Oil Imports at 23-Year-Low, Output Hits Another Record
Post by: thackney on February 27, 2019, 06:03:56 pm

 U.S. Petroleum Balance Sheet, Week Ending 2/22/2019
http://ir.eia.gov/wpsr/overview.pdf (http://ir.eia.gov/wpsr/overview.pdf)

Title: Re: U.S. Oil Imports at 23-Year-Low, Output Hits Another Record
Post by: dfwgator on February 27, 2019, 06:04:51 pm

WINNING!

Title: Re: U.S. Oil Imports at 23-Year-Low, Output Hits Another Record
Post by: IsailedawayfromFR on February 27, 2019, 11:00:40 pm

Is demand higher than in 1996?

Title: Re: U.S. Oil Imports at 23-Year-Low, Output Hits Another Record
Post by: Smokin Joe on February 28, 2019, 07:52:37 am

We built that!

Title: Re: U.S. Oil Imports at 23-Year-Low, Output Hits Another Record
Post by: catfish1957 on February 28, 2019, 11:53:02 am

Quote from: dfwgator on February 27, 2019, 06:04:51 pm

WINNING!

We should be a net exporter in the not to distant future.

And on that day give a collection 350 million pairs of middle fingers pointed to the middle east.

Title: Re: U.S. Oil Imports at 23-Year-Low, Output Hits Another Record
Post by: thackney on February 28, 2019, 11:59:53 am

Quote from: IsailedawayfromFR on February 27, 2019, 11:00:40 pm

Is demand higher than in 1996?

Yes, but not as high as the 2005 peak.

U.S. Product Supplied of Finished Petroleum Products
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MTPUPUS2&f=M (https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MTPUPUS2&f=M)

Title: Re: U.S. Oil Imports at 23-Year-Low, Output Hits Another Record
Post by: IsailedawayfromFR on February 28, 2019, 10:04:00 pm

Quote from: thackney on February 28, 2019, 11:59:53 am

Yes, but not as high as the 2005 peak.

U.S. Product Supplied of Finished Petroleum Products
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MTPUPUS2&f=M (https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MTPUPUS2&f=M)

Is that comparing apples and oranges since this demand is products and the article is speaking about crude?

Title: Re: U.S. Oil Imports at 23-Year-Low, Output Hits Another Record
Post by: thackney on March 01, 2019, 10:01:23 pm

Quote from: IsailedawayfromFR on February 28, 2019, 10:04:00 pm

Is that comparing apples and oranges since this demand is products and the article is speaking about crude?

Sorry, brain fart.

(http://i64.tinypic.com/wjbbsk.png)

Title: Re: U.S. Oil Imports at 23-Year-Low, Output Hits Another Record
Post by: IsailedawayfromFR on March 02, 2019, 01:21:09 am

Quote from: thackney on March 01, 2019, 10:01:23 pm

Sorry, brain fart.

(http://i64.tinypic.com/wjbbsk.png)

Thanks, I know you keep those things on a speed dial.