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U.S.Close to Being the Largest Oil Exporter

<p class&equals;"MsoNormal" style&equals;"text-align&colon; left&semi;" align&equals;"center">In December&comma; the United Arab Emirates purchased oil directly from the U&period;S&period;&comma; instead of from a close-by Gulf petro-state&period; &nbsp&semi;<&sol;p>&NewLine;<p class&equals;"MsoNormal">According to the Census Bureau&comma; the U&period;A&period;E&period; exported 700&comma;000 barrels of U&period;S&period; oil because they were in the market for a very light crude oil of superior quality for the state&rsquo&semi;s processing plants&period; This was the OPEC producer&rsquo&semi;s fourth-largest export from the U&period;S&period; in history&comma; according to the Energy Information Administration&period;<&sol;p>&NewLine;<p class&equals;"MsoNormal">The U&period;A&period;E&period; used to export this type of light crude from Qatar&comma; but the Arab country ban exports from its Middle Eastern neighbor in 2015&period;<span style&equals;"mso-spacerun&colon; yes&semi;">&nbsp&semi; <&sol;span><span style&equals;"font-size&colon; 13&period;5pt&semi; font-family&colon; Georgia&semi; mso-fareast-font-family&colon; 'Times New Roman'&semi; mso-bidi-font-family&colon; 'Times New Roman'&semi; color&colon; black&semi;">&nbsp&semi;<&sol;span><&sol;p>&NewLine;<p class&equals;"MsoNormal">&ldquo&semi;As a member of OPEC and a large crude producer&comma; I would imagine they would be very self-sufficient in their own crude supply&comma;&rdquo&semi; said Andy Lipow&comma; president of Lipow Oil Associates LLC&period;<&sol;p>&NewLine;<p class&equals;"MsoNormal">Although shipments to U&period;A&period;E&period; aren&rsquo&semi;t likely to continue&comma; exports of U&period;S&period; oil are on the rise&period; &nbsp&semi;<&sol;p>&NewLine;<p class&equals;"MsoNormal">In November&comma; shipments increased to 1&period;53 million of barrels a day&comma; which is a significant spike from the 100&comma;000 a day in 2013&period;<&sol;p>&NewLine;<p class&equals;"MsoNormal">Exports are expected to increase 1&period;5 million barrels per day sometime later this year&comma; which is a 45 percent spike from last year&period; &nbsp&semi;<&sol;p>&NewLine;<p class&equals;"MsoNormal">This is partly due to the high demand from customers in Europe and Asia&period;<&sol;p>&NewLine;<p class&equals;"MsoNormal">&ldquo&semi;The second half of the year is when &lpar;oil&rpar; production growth overwhelms&comma;&rdquo&semi; said Amrita Sen&comma; co-founder and chief oil analyst at Energy Aspects at the Argus Americas Crude Summit&period; &ldquo&semi;Gulf Coast exports will be strong&period;&rdquo&semi;<&sol;p>&NewLine;<p class&equals;"MsoNormal">&ldquo&semi;Unipec plans to trade up to 300&comma;000 bpd of U&period;S&period; crude oil by the end of this year&comma; about triple its trading volume last year&comma; the president of the Chinese trading company said&period; An arm of oil refiner Sinopec&comma; Unipec currently trades about 200&comma;000 bpd of U&period;S&period; crude&comma; President Chen Bo told reporters at the conference&comma;&rdquo&semi; writes <em style&equals;"mso-bidi-font-style&colon; normal&semi;">Reuters<&sol;em>&period; &ldquo&semi;The Americas could replace Africa by 2020 as Asia&rsquo&semi;s second-largest oil supplier&comma; behind the Middle East&comma; Bo said&comma; with U&period;S&period; crude prices now considered competitive with West African and North Sea grades&period;&rdquo&semi;&nbsp&semi;<&sol;p>&NewLine;<p class&equals;"MsoNormal">President Donald Trump repeatedly said on his campaign trail that the U&period;S&period; needs to become much less dependent on energy from other countries&period; With that in mind&comma; his administration has proposed a plan to do just that and expand offshore areas of the Outer Continental Shelf&nbsp&semi;for drilling by 90&percnt;&period; &nbsp&semi;<&sol;p>&NewLine;<p class&equals;"MsoNormal">&ldquo&semi;We&rsquo&semi;re going to become the strongest energy superpower&comma;&rdquo&semi; said Ryan Zinke&comma; Interior Secretary&period; &ldquo&semi;We certainly have the assets to do that&period;&rdquo&semi;<&sol;p>&NewLine;<p class&equals;"MsoNormal">So the U&period;S&period; production is evidently going to increase within the next few years&period;<&sol;p>&NewLine;<p class&equals;"MsoNormal">The U&period;A&period;E&period; oil production&comma; on the other hand&comma; has decreased to 2&period;85 million barrels a day&comma; compared to the 3&period;07 million at the end of 2016&period; This is due to the OPEC deal limiting the production of oil to manipulate the prices to keep them higher&period;<&sol;p>&NewLine;<p class&equals;"MsoNormal"><strong>Author&rsquo&semi;s note&colon;<&sol;strong> With the recent extension of the OPEC oil deal that will continue until the end of 2018&comma; it&rsquo&semi;s time for the U&period;S&period; to ramp up production&period; This shows how efficient the oil industry in the U&period;S&period; can be&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;

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