Re-posting: US crude oil imports, link here.
A reader who has better insight regarding the shale revolution than anyone else I "know" has this to say about that:
Although I have not kept close watch, my understanding was that US LTO (aka 'Shale Oil') was absolutely El Primo feedstock for the IMO 2020 low sulphur fuel that is produced in refineries throughout the world.
The consistency, inter-compatibility (with products purchased at different ports, worldwide) and - most crucially, from my readings - the low asphaltene component which inhibits sludge formation in both the engines and storage tanks (onboard ships as well as at shoreside terminals).
Ship owners do not want to gamble with problem fuels thousands of miles at sea ... or anywhete else, for that matter.
LTO: I had almost forgotten that acronym -- light, tight oil.
Another benefit for those trading in oil: America oil -- guaranteed deliveries; trusted contracts; ease of doing business; trading efficiency; etc. All things being equal, would you rather trade with an American oil company or a Chinese national oil company, or a Russian national oil company, or Saudi Aramco.
But again, look at those numbers. It looks like a switch was turned in early 2017 and there was no looking back.
But as a reminder, easy come, easy go. Both Biden and Harris want to ban fracking.
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