Will U.S. Oil Exports Help Restore Its Waning Geopolitical Influence?

28 Oct 2016   exports, USA

Since the U.S. lifted its restrictions on crude oil exports in December 2015, a dozen new countries have joined its long-term export partner Canada, which had been exempt from these restrictions. The U.S. is currently exporting crude in the thousands of barrels per day, while importing in the millions of barrels per day. However, with oil prices now recovering from February’s ten-year-lows, some companies are ramping up drilling efforts, especially in shale plays that have stayed profitable even in the sub-US$45-50 oil price. Healthy demand in Asia and an over-reliance on Russian oil in some parts of Europe are also steering potential buyers toward U.S. crude oil. Of course, the U.S. is likely to embrace the opportunity that oil affords to form new alliances, boost ties with existing allies, or grab chunks of markets traditionally held by Russia or OPEC producers. In the first five months after the export […]

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