Oil markets wary of America's return to competition

5/8/2015 0:00

Follow-up to the morning
news of the approval of the Senate Energy Committee the US last week came, the bill to raise the old ban 40 years on the export of crude oil, to re-stir oil exporter, fears in the world, led by the Organization of Petroleum Exporting Countries «OPEC» where does this story end the control of this organization Alinvt.oahdv on the project, which was passed by a majority of minor to enable the United States to export crude oil market, and the Congress passed a ban on the export of crude oil in 1975 after the Arab oil embargo that has raised fears of supply shortages in the global oil markets.

However, thanks to hydraulic fracturing and other drilling techniques have become the United States is now Russia and Saudi Arabia compete for the largest oil producer in the center of the world.

high production has been the United States surpassed both Saudi Arabia and Russia in the field of production to become the first oil producer in the world in 2014, and for the first time since 1975 , where the rate rose Oil production in the United States by 15.9 percent over the past year, to reach 11.6 million barrels a day, according to the statistical bulletin for the production of energy released by British oil giant BP, early last June.

The bulletin pointed out that the United States ranked first, thanks to operations Extraction of shale oil, the United States and reduced to a large extent its oil imports. As US imports of oil reached in 2014 less than half the highest level in 2005 and thus left to China its place as the first global importer of Naft.oary experts that this prosperity useful to the United States to support those fears where it can revolutionize the global energy markets is happening and prevents America from the largest importer of crude oil in the world to the exporter to him, and will remain the world await the outcome of the deliberations of the Project export license in Congress.

The report told «Reuters» explained that US oil production companies lose ten billion dollars a year because of the ban and noted that the ban contradicts WTO items Global, which emphasizes the freedom of trade. Imports of petroleum and describes the information available from the US Department of Energy that the imports of US oil recently dropped as a result of increased production of up to 40 per cent of domestic demand after that this percentage was 60 percent in 2005.

Also required to benefit from increased production, Oil industry experts Americans he says, infrastructure development such as laying oil pipelines from production sites to the ports of export, particularly that export has become an attractive economically for the energy sector, and that the United States has become one of the biggest exporters of petroleum products that can be exported freely and according to the law, unlike crude oil.