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How soaring U.S. oil exports to China are transforming the global oil game

How soaring U.S. oil exports to China are transforming the global oil game

SINGAPORE (Reuters) - Bit by bit, the U.S. petroleum industry is turning world oil markets inside out.

 

First, sharp drops in U.S. imports of crude oil eroded the biggest market that producers like OPEC had relied on for many years. Now, surging U.S. exports – largely banned by Washington until just two years ago - challenge the last region OPEC dominates: Asia.
 
U.S. oil shipments to China have surged, creating trade between the world's two biggest powers that until 2016 just did not exist, and helping Washington in its effort to reduce the nation's huge trade deficit with China.

The transformation is reflected in figures released in recent days that shows the U.S. now produces more oil than top exporter Saudi Arabia and means the Americans are likely to take over the No.1 producer spot from Russia by the end of the year.

Continued: https://finance.yahoo.com/news/analysis-soaring-u-oil-exports-094122121.html