— This is the script of CNBC's news report for China's CCTV on December 7, 2018, Friday.
In the US market, last week's net exports of crude and refined oil marked a milestone in the US energy industry: that is, after 75 years, the US becomes a country with net exporter of crude and refined oil once again.
Last week, net exports totaled 211,000 barrels a day, according to the U.S. energy administration, including 3.2 million barrels a day of crude oil, hitting a record high, what's more, exports of gasoline and refined oil reached 4.2 million barrels a day.
Net imports of crude and refined oil in the United States have fallen back to historically low levels over the same period as a result of a surge in exports.
In terms of average net imports of crude oil and refined oil products, the average data in the United States fell to about 3 million barrels per day by 2018. In 2005, when US net imports of crude and refined oil peaked, they averaged more than 12m b/d. In fact, this chart can also tell us a trend that the United States has been a major importer of crude oil for decades.
What changed this situation was the lifting of the 40-year ban on US crude oil export in 2015, and the unprecedented development of shale oil exploitation in the US, creating the trend of US energy export.
So does that mean America's goal of energy self-sufficiency has finally been achieved? Some analysts believe it is too early to draw conclusions, as oil prices in the United States are still affected by global energy price fluctuations, and geopolitics in the Middle East will continue to influence the trend of oil prices. Oil prices, for example, rose wildly before October, prompting U.S. President Donald trump to criticize the policies of oil-producing countries in the Middle East several times for pushing up domestic oil prices. Second, the current net export figures are likely to be temporary. However, if US net exports continue to rise steadily, then in the international market, we will see a trend: OPEC'S market share is bound to erode.
Mohammed Saleh Abdulla Al Sada
Qatar energy minister
I think opec is not that has reduced in strength if you will with time due to the growth of many producers like the US itself Russia is as is a very large producer so I don't think looking at the percentage of the market share that it has is as strong as it used to be.
The US has overtaken Russia and Saudi Arabia as the world's largest oil producer. U.S. crude production is expected to continue rising to 12 million barrels a day through 2019. OPEC, on the other hand, is talking about cutting production to support prices. At the same time, divisions within the organization and Qatar's withdrawal have raised questions about the stability of OPEC, and if it cuts production further, it may lose more market shares.