Jumbo bag bitumen
In this article, we tend to talk about the united sates’ oil market, the recent fluctuations, and the jumbo bag bitumen type demands.
As you might know, in the first 11 months of last year, the United States sold about
360,000 barrels of crude oil a day to China, and the total value of shipments
was $5.4 billion, which is five times more than Iran’s oil exports to China
during this period. Moreover, Iran’s oil exports to China have fallen to
almost a quarter of 2019 and a tenth of 2018 and reached 75,000 barrels per day. Meanwhile, US liquefied natural gas exports to China in the first 11
months of last year rose to 2.1 million tons worth $677 million.
The USA oil and jumbo bag bitumen market
As a matter of fact, this is only a small part of the development of US
energy markets in the world; Even in a country like China whose political
relations are in the worst and most tense situation. Interestingly,
Bloomberg Statistics show that US daily oil exports in the last week of
2020 reached 3.5 million barrels per day, about 60% of which went to China. The reason for the peak of US oil exports in this period is the release of part
of the country’s oil reserves. In 2018, US lawmakers approved the
country’s oil export license, during which the United States has
become a major player in the global energy arena.
Oil and jumbo bag bitumen exports
Generally, the United States became a net exporter of oil for the first time in
May 2018; In other words, its oil exports exceeded its imports, while in 2010,
for example, it had a net import of about 10 million barrels per day. Likewise,
until four years ago, the United States did not have many liquefied
natural gas exports, but during this time, with the development of gas fields
and liquefied petroleum gas (LNG) plants, its exports peaked sharply,
reaching nearly 10 billion cubic feet per day in November. In fact, it is a historical record.
Interestingly, this winter, due to the unexpected cold weather in
East Asia countries, their need for liquefied natural gas in the domestic
sector has escalated, and as a result, the price of liquefied natural gas in
these markets has quadrupled compared to summer. To be more specific,
the growth of liquefied natural gas prices in Asian markets has
continued in recent days.
World energy markets and the future position of the United States
Over the past few years, the United States has sold oil to 50 countries around
the world, most of it to Europe, Canada, China, and South Korea. These
markets have traditionally relied on the energy resources of OPEC and
Russia, but now the United States has become a tough competitor.
According to official figures from the European Commission, the US share
of total EU oil imports in 2018 was only 2.5 percent and Russia’s share was
close to 30 percent. In other words, Russia exported over 10 times as much oil
to Europe as the United States. However, statistics from recent months
show that Russia now exports only three times as much oil as the
United States to Europe and that the share of US oil in European
markets has risen sharply.
In addition to the above, the same is true of China, the world’s largest oil market. While China has reduced oil imports from Iran by 10 times compared to
before the embargo, Russia, Saudi Arabia and Iraq accounted for only part
of the drop in Iranian oil exports to China last year, with the
United States alone accounting for more than half it has
offset the decline in Iranian oil and jumbo bag bitumen exports to China.