{"id":44638,"date":"2019-03-21T10:34:48","date_gmt":"2019-03-21T15:34:48","guid":{"rendered":"https:\/\/olduvai.ca\/?p=44638"},"modified":"2019-03-21T10:34:51","modified_gmt":"2019-03-21T15:34:51","slug":"u-s-oil-weapon-could-change-geopolitics-forever","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=44638","title":{"rendered":"U.S. \u2018\u2019Oil Weapon\u2019\u2019 Could Change Geopolitics Forever"},"content":{"rendered":"\n

U.S. \u2018\u2019Oil Weapon\u2019\u2019 Could Change Geopolitics Forever<\/a><\/h3>\n\n\n\n
\"Trump<\/figure>\n\n\n\n

In a dynamic that shows just how far U.S. oil production has come in recent years, the U.S. Energy Information Administration (EIA) said on Monday<\/a> that in the last two months of 2018, the U.S. Gulf Coast exported more crude oil than it imported.<\/p>\n\n\n\n

Monthly net trade of crude oil in the Gulf Coast region (the difference between gross exports and gross imports) fell from a high in early 2007 of 6.6 million b\/d of net imports to 0.4 million b\/d of net exports in December 2018. As gross exports of crude oil from the Gulf Coast hit a record 2.3 million b\/d, gross imports of crude oil to the Gulf Coast in December\u2014at slightly less than 2.0 million b\/d\u2014were the lowest level since March 1986.<\/p>\n\n\n\n

U.S. oil production hit a staggering 12.1 million b\/d in February, while that amount has been projected to stay around that production mark in the mid-term then increase in the coming years. The U.S. is the new global oil production leader, followed by Russia and Saudi Arabia, while Saudi Arabia is still the world\u2019s largest oil exporter – a factor that still gives Riyadh considerable leverage, particularly as it works with Russia, and other partners as part of the so-called OPEC+ group of producers. However, Saudi Arabia’s decades-long role of market swing producers has now been replaced by this coalition of producers, reducing Riyadh\u2019s power both geopolitically and in global oil markets. In short, what Saudi Arabia could once do on its own, it has to do with several partners.<\/p>\n\n\n\n

Meanwhile, U.S. crude oil production, particularly in the Gulf Coast region, is still increasing. In November 2018, U.S. Gulf Coast crude oil production set a new record of 7.7 million b\/d, the IEA report added. <\/p>\n\n\n\n

 \u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

U.S. \u2018\u2019Oil Weapon\u2019\u2019 Could Change Geopolitics Forever In a dynamic that shows just how far U.S. oil production has come in recent years, the U.S. Energy Information Administration (EIA) said on Monday that in the last two months of 2018, the U.S. Gulf Coast exported more crude oil than it imported. Monthly net trade of crude oil […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3,5],"tags":[251,588,1135,18992,10591],"class_list":["post-44638","post","type-post","status-publish","format-standard","hentry","category-energy-2","category-geopolitics","tag-eia","tag-oil","tag-oil-exports","tag-tim-daiss","tag-us-energy-information-administration"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/44638","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=44638"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/44638\/revisions"}],"predecessor-version":[{"id":44639,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/44638\/revisions\/44639"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=44638"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=44638"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=44638"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}