Why U.S. Oil Exports Are Surging

U.S. crude oil exports are surging and going to a growing number of buyers around the world, including to the fastest-growing demand centers in Asia, the traditional stronghold of the Middle Eastern oil exporters.

Booming U.S. production, expanding pipeline and export capacity, and the more than $3-a-barrel discount of WTI spot prices to Brent supported the surge in U.S. oil exports last year.

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Diesel Trucks Are Here To Stay

While alternative fuel commercial trucks are gaining interest from fleet operators, diesel is still set to dominate medium- and heavy-duty vehicles for several years.

That statement came from Kary Schaefer, general manager of marketing and strategy for Daimler Trucks North America, during a keynote speech last week at the Work Truck Show in Indianapolis. Daimler Trucks is taking alternative fuels seriously, but it pales in comparison to its full diesel-powered truck lineup as the world’s largest truck manufacturer.

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Shale Boom Creates New U.S. Oil Export Hub

Soaring Permian oil production, increased pipeline takeaway capacity, and a port expansion to accommodate larger vessels position the Texas port of Corpus Christi to become the U.S. oil export hub that could see the most volume growth through 2023, analysts at Wood Mackenzie say.

According to John Coleman, Wood Mackenzie’s Senior Analyst North American Crude Oil Markets, Corpus Christi will surpass 1 million bpd of exports by 2020, and those exports could double to 2 million bpd by 2023 as the United States vies to become a major player on the global crude oil market.

Click here to read the original article: https://oilprice.com/Energy/Energy-General/Shale-Boom-Creates-New-US-Oil-Export-Hub.html

44 Things You Didn’t Know About Oil

Whenever you see a headline like this, you know it will go along the lines of “did you know that petroleum stands for rock oil?” Yes you did, goes the reply of an overwhelming majority of readers. For this reason, the list below is one which holds the reader in high esteem, as a dear colleague on the road to broaden our knowledge of the oil industry. So here we go…

1.) Oil’s first use was for caulking – ruins from early Antiquity (5-6 000 BC) testify that Euphrates and Indus Valley civilizations built their houses with bitumen. Caulking their ships with bitumen logically followed soon afterwards.

Click here to read the original article: https://oilprice.com/Energy/Energy-General/44-Things-You-Didnt-Know-About-Oil.html

IEA Predicts Nightmare Scenario For OPEC

The U.S. will supply much of the world’s additional oil for the next few years, according to a new report from the International Energy Agency (IEA).

Over the next three years, the U.S. will cover 80 percent of the world’s demand growth, the IEA says in its newly-released Oil 2018 annual report. Canada, Brazil and Norway will cover the remainder, leaving no room for more OPEC supply.

Click here to read the original article: https://oilprice.com/Energy/Energy-General/IEA-Predicts-Nightmare-Scenario-For-OPEC.html