Sixty percent of crude oil produced in the U.S. is exported, either as crude or in the form of gasoline, diesel, jet fuel or other petroleum products. Sure, a lot of crude and products are still imported, but the net import number is dwindling toward zero — and if you throw NGLs into the liquid fuels balance, the U.S. has been a net exporter since 2020. Yes, exports are now calling the shots in U.S. liquid fuel flow patterns, price differentials, infrastructure utilization and, to a great extent, the winners and losers in crude oil and product markets. It’s going to get way more intense as export economics increasingly dominate which pipelines, refineries and port facilities capture production growth from the Permian and other basins. In today’s RBN blog, we begin a series to explore this revolutionary shift in fortunes, why barrels move where they do and what it all means for U.S. producers, midstreamers, refiners, marketers, and exporters. And a warning! This is a subliminal advertorial for our upcoming xPortCon-Oil conference.
Here's how we calculate our export numbers. In 2022, the U.S. produced 11.8 MMb/d of crude oil and exported 3.5 MMb/d of crude and 3.6 MMb/d of petroleum products — 7.1-MMb/d of crude and products exports in total, or 60% of crude production. Of course, some of those petroleum products are produced from the 6.3 MMb/d of crude oil the U.S. imports or are made available for export due to 1.9 MMb/d of product imports. But even if we add those volumes into the balance, the U.S. was a net importer of only 1.1 MMb/d of crude and petroleum products last year. As U.S. crude production continues to grow, that number is falling inexorably toward zero and beyond — to a world where the U.S. is a net exporter of crude and products no matter how you slice and dice the numbers.
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Big-time exports of crude and products are not just about “energy independence” bragging rights. Export markets now determine where crudes flow, which pipelines get the throughput, and the price that different crudes can command in the marketplace. Since the earliest days of U.S. oil and gas, it was domestic refineries and downstream demand that were the dominant market forces in liquid fuels markets. But no longer. Now, with a sizable chunk of marginal barrels moving overseas, exports have taken on a much more dominant market role.
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About the song
“Call the Shots” was written by Miranda Cooper, Brian Higgins, Tim Powell, Lisa Cowling and Giselle Somerville. Cowling and Somerville received writing credits from Cooper, because she was inspired by an article they had written about the advancement of women in business as she was writing the song. The tune appears as the first track on Girls Aloud’s fourth studio album, Tangled Up. Released as a single in November 2007, the song went to #3 on the UK Singles chart. The video for the song, directed by Sean de Sparengo, features the girls dancing on Malibu Beach amid flames, with white fabric blowing in the wind around them. Personnel on the record were: Cheryl Tweedy, Nadine Coyle, Sarah Harding, Nicola Roberts and Kimberley Walsh (vocals); Miranda Cooper, Brian Higgins, Matt Gray, Tim Powell and Toby Scott (programming); Miranda Cooper, Brian Higgins, Matt Gray, Tim Powell and Toby Scott (keyboards and synthesizer); and Nick Coler and Owen Parker (guitar). The song was produced by Brian Higgins, Matt Gray, Miranda Cooper, Carla May, Tim Deal, Florrie, Luke Fitton, Ben Taylor and Sarah Thompson (Xenomania).
Tangled Up was recorded between April and October 2007 at various studios in London and Los Angeles and produced by Brian Higgins and his production conglomerate, Xenomania. The album mixes Europop, synthpop and EDM. It was the first Girls Aloud album to incorporate autotune and vocoder in the production. Released in November 2007, the album went to #4 on the UK Albums chart and sold over half a million copies in the UK. Three singles were released from the LP.
Girls Aloud was an English-Irish pop girl group created on the ITV talent show, Popstars: The Rivals, in 2002. The group consisted of: Cheryl Tweedy, Nadine Coyle, Sarah Harding, Nicola Roberts, and Kimberley Walsh. They achieved 20 consecutive Top 10 singles (including four #1 hits) on the UK charts. Girls Aloud listed their influences as Ne-Yo, Michael Jackson, and Oasis. Their music has been covered by such artists as Coldplay, Arctic Monkeys, and Bloc Party. In 2005 the group partnered with Mattel to produce Fashion Fever Barbies, with dolls fashioned after themselves. They released five studio albums, two live albums, two compilation albums, and 23 singles before disbanding in March 2013. Cheryl Tweedy, Nicola Roberts, and Nadine Coyle went on to be solo recording artists and Kimberley Walsh became an actor. Sarah Harding passed away in September 2021.
Comments
Thanks! Do you know what is the current premium of Corpus vs Houston is?
In reply to Corpus premium by Eugene Khmelnik
Around $0.30 - $0.40/bbl.