Despite shale gas, the US is importing more crude oil

Despite shale gas, the US is importing more crude oil

Editorial Staff
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Compared to last year, the United States are importing 20% more oil. A key factor is Iran's return on the international market

The country that, thanks to its shale gas revolution, is sailing at the highest production levels in almost 30 years, found itself with a 20% increase in oil imports compared to last year, when production hovered around 9 million b/d. Among the key factors bringing about this countertrend is Iran’s return on the market, which has set off a domino effect of sales among producers, necessary in order to not lose quotes on the market. Moreover, many storage facilities in the world also have room for roughly 100 million barrels. According to the Wall Street Journal, oil coming from countries such as Chad, Brasil, Gabon and Azerbaijan is stored by refiners in Oklahoma and Illinois to be sold in the future at a higher price, while according to the data on the monitoring sigh ClipperData, in the Gulf of Mexico there are idle oil tankers waiting to unload about 28 million barrels, an amount twice as high as the norm. Market paradox.