U.S. briefly overtakes Saudi Arabia as world’s top oil exporter, IEA says

[chuckChuck]

U.S. briefly overtakes Saudi Arabia as world’s top oil exporter, IEA says
Noah Browning
LONDON
Reuters
Updated September 12, 2019

Global oil demand is weathering economic headwinds, the International Energy Agency (IEA) said on Thursday, buoyed by lower prices brought on by abundant supply as the United States briefly dethroned Saudi Arabia as the world’s top exporter.

“With oil prices currently about 20 per cent lower than a year ago, there will be support for consumers,” the IEA said in its monthly report.

“Booming shale production has allowed the U.S. to close in on, and briefly overtake, Saudi Arabia as the world’s top oil exporter … in June, after crude exports surged above 3 million barrels per day (bpd).”

The Paris-based agency maintained its estimate for growth in global oil demand during 2019 at 1.1 million bpd and 1.3 million bpd for next year, assuming no further breakdown in U.S.-China trade talks and citing an easing of tensions around Iran.

A rebound in U.S. production following Hurricane Dorian along with steep output growth from Brazil and the North Sea were set to drive production from outside the Organization of the Petroleum Exporting Countries (OPEC) up sharply, it added.

U.S. crude exports spiked to more than 3 million bpd in June, as Saudi Arabia cut output sharply and Russia grappled with contamination in one of its main export pipelines.

Non-OPEC production growth is seen rising to 2.3 million bpd in 2020, up 400,000 from this year. Meanwhile, demand for OPEC crude is set to reach 28.3 million bpd in the first half of 2020, 1.4 million bpd less than the group produced in August.

The discrepancy may prompt OPEC and its allies including Russia to revisit their production-curbing pact.

“The implied market balance (will be) returning to a significant surplus and placing pressure on prices,” the IEA said. “The challenge of market management remains a daunting one well into 2020.”

Russia, Iraq and Nigeria in August produced 600,000 bpd more than their quotas in the supply pact, the IEA said, but Saudi Arabia cut by more than it had pledged, keeping the overall agreement intact.

OPEC member Iran continued to suffer under U.S. sanctions, with exports nearly halving month-on-month in August to just 200,000 bpd. A year earlier, they were at 2.1 million bpd.

[Guest]

Hows harvest ?
Dont you ever think about farm things ?
Shes a real battle here

[chuckChuck]

Very wet here as well. Need distractions to take ones mind off crappy weather and a delayed harvest and all the potential pitfalls. Last September we hardly moved a wheel for 3 weeks. This weekend looks much better.

[bucket]

How is Canada's oil exports?

[chuckChuck]

https://www.nrcan.gc.ca/crude-oil-facts/20064

Canada exported 3.5 million barrels per day to the U.S. in 2018, 96% of all Canadian crude oil exports.

[bucket]

https://www.nrcan.gc.ca/crude-oil-facts/20064

Canada exported 3.5 million barrels per day to the U.S. in 2018, 96% of all Canadian crude oil exports.

If we are still running 3.5 million bpd wouldn't that make Canada a top exporter?

[Oliver88]

I would be interested to see a report on aeration fan run times in the last 7 days.

[AlbertaFarmer5]

I would be interested to see a report on aeration fan run times in the last 7 days.

And you have the right to ask, considering that you are paying for the electricity storage that enables the system. Without your generous support, that wet grain being aerated by solar alone would have already heated into a solid block of mold.

[chuckChuck]

If we are still running 3.5 million bpd wouldn't that make Canada a top exporter?

"U.S. crude exports spiked to more than 3 million bpd in June, as Saudi Arabia cut output sharply and Russia grappled with contamination in one of its main export pipelines."

It was a very temporary situation.

What is interesting is our exports of crude to the US are very similar to their exports.

[jazz]

If we are still running 3.5 million bpd wouldn't that make Canada a top exporter?

Not Canada, Alberta is the 4th largest exporter of crude in the world. Lets make that little distinction.

Funny how the collapse in crude prices is responsible for Alberta's plight but the US doubled production in the past 5 yrs. Hmmm.

Now that's how you run a country.

[chuckChuck]

And you have the right to ask, considering that you are paying for the electricity storage that enables the system. Without your generous support, that wet grain being aerated by solar alone would have already heated into a solid block of mold.

You forgot, residential customers are subsidizing cheaper farm rates in Saskatchewan. Without their generous support farmers would be paying significantly more.

I am so glad that you spend most of your days pissed off about my solar system because it gives you something to do. And you don't even live in Saskatchewan! LOL Can't you fix the Alberta grid issues or have they also stopped paying attention to your nonsense?

[chuckChuck]

Not Canada, Alberta is the 4th largest exporter of crude in the world. Lets make that little distinction.

Funny how the collapse in crude prices is responsible for Alberta's plight but the US doubled production in the past 5 yrs. Hmmm.

Now that's how you run a country.

As far as I know Alberta has not declared its independence yet! LOL

I wouldn't bet on Alberta's independent economic fortunes in the long run seeing as how oil will eventually be primarily used for things other than an energy source.

[bucket]

You forgot, residential customers are subsidizing cheaper farm rates in Saskatchewan. Without their generous support farmers would be paying significantly more.

I am so glad that you spend most of your days pissed off about my solar system because it gives you something to do. And you don't even live in Saskatchewan! LOL Can't you fix the Alberta grid issues or have they also stopped paying attention to your nonsense?

Subsidized farm rates....if there were no farmers in the province how would things look????

chicken and egg ....

And you forget about the subsidized power rates to Evraz...

A billion dollar protein industries fund of taxpayers money to subsidize Jimmy Cameron's and others ventures....to make fake meat....

I will gladly take the subsidized power rates to my farm since I am not being credited for my carbon sequestering....

[AlbertaFarmer5]

As far as I know Alberta has not declared its independence yet! LOL

I wouldn't bet on Alberta's independent economic fortunes in the long run seeing as how oil will eventually be primarily used for things other than an energy source.

You really should get your news from Agriville. Just this morning there was an article where the IEA stated their projections for continued demand growth of oil. Poster went by the same name as you. Do you know when the IEA expects oil demand to stop growing?

[furrowtickler]

You forgot, residential customers are subsidizing cheaper farm rates in Saskatchewan. Without their generous support farmers would be paying significantly more.

I am so glad that you spend most of your days pissed off about my solar system because it gives you something to do. And you don't even live in Saskatchewan! LOL Can't you fix the Alberta grid issues or have they also stopped paying attention to your nonsense?

Spoken like a true union supporter that thinks farmers get a free ride .... lol

How much wealth value does a union worker provide ?? They provide a very good service and have to work in bad conditions to keep the lights on at times for sure, but don’t kid yourself the get paid very well and have very good benefits, one of few unions that actually earn their way.
How much do we subsidize the government coffers through crop insurance? I have seen the numbers and there is a lot of money that disappears into the provincial coffers from premiums each year