U.S. Oil Independence Beckons as Exports Rise: Chart of the Day
12-13-2011
http://www.bloomberg.com/news/2011-1...f-the-day.html
U.S. net exports of oil products such as diesel will more than double in the next decade from record levels as slowing domestic consumption cuts the nation’s dependence on foreign energy, Citigroup Inc. said.
The CHART OF THE DAY shows how net exports expanded to a record 920,000 barrels per day in September, the most recent monthly data available from the Department of Energy. Net outbound cargo will add another 1.5 million barrels a day by 2022 as output grows, cars become more efficient in the U.S. and demand rises in Latin America, said Ed Morse, head of commodity research at Citigroup Global Markets Inc.
The U.S. first switched from net imports of the products, which include fuels such as gasoline and propane, for several months in 2010 before net exports pushed higher, staying positive since the middle of this year.
“Net exports will continue to grow because oil products demand will continue to decline,” Morse said by phone from New York. “We’re likely to see U.S. import requirements for crude oil shrinking because of higher domestic production.”
Exports of refined products rose 23 percent this year to 3.1 million barrels a day while imports fell 9.6 percent to 2.2 million barrels, Department of Energy data show. U.S. demand for gasoline averaged 9.26 million barrels a day this year, roughly equal to last year, according to Department of Energy data.
U.S. oil products exports to Brazil in September were 244,000 barrels a day, up 53 percent from a year before, data from the U.S. Energy Information Administration show. Brazil’s crude and oil product imports rose 23 percent this year, the trade ministry said.
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Top 15 sources of imported US Oil
CANADA
SAUDI ARABIA
MEXICO
VENEZUELA
NIGERIA
COLOMBIA
IRAQ
ECUADOR
ANGOLA
RUSSIA
BRAZIL
KUWAIT
ALGERIA
CHAD
OMAN