USA now exporting more crude oil than Nigeria

Glen Norman
April 29, 2018

The company said the improved after-tax adjusted results reflect higher realized crude oil selling, prices, lower operating costs and depreciation, depletion and amortization expense, which was partially offset by lower production volumes, primarily because of sold-off assets.

Oil prices on Thursday morning, April 26, rose amid expectations of the resumption of USA sanctions against Iran, declining output in Venezuela and ongoing strong demand.

This would be bullish for crude prices, analysts said. Subscribe on Apple Podcasts.

Mr Khoman told CNBC: "We think at least 250,000 to 350,000 barrels of Iranian crude a day could be at risk of disruption if sanctions are brought back into place".


President Donald Trump is due to decide on May 12 whether he will scrap a deal brokered by the United States, Russia, France, Germany and the U.K. - a deal which Trump has called "terrible".

Soaring U.S. output has made WTI crude around $6 per barrel cheaper than Brent and drawn exports to record highs over 2 million bpd.

On the upside, crude prices should find resistances in the $66-67 per barrel range, and if prices manage to close above the resistances, which looks very unlikely at the moment, we could see oil prices targeting $74 per barrel, a jump of more than 10 percent on the upside following the breakout.

Geopolitical factors once again trumped fundamentals with the growing concern over new US sanctions on Iran, keeping WTI and Brent crude prices high despite a build in crude oil inventories reported yesterday by the Energy Information Administration.


On the charts, WTI crude continues to remain in a long-term uptrend following the 13-year lows set in February 2016.

"President Trump said the Iran nuclear deal was insane and ridiculous, yet that does not mean necessarily that he is going to back out of it", Phil Flynn, the senior market analyst for the PRICE Futures Group in Chicago, said in a daily emailed newsletter.

Caterpillar, the biggest maker of construction and mining equipment, increased its 2018 profit projection by as much as 24 percent.

WTI is up 14% this year while Brent is higher by 12%. This week's full report, out later today, are bound to reinforce this reminder-U.S. production has been growing steadily since late 2017.


By end-April, China will likely have taken in more than 9 million barrels per day (bpd) of crude - its most ever and almost 10 percent of global consumption.

Other reports by

Discuss This Article

FOLLOW OUR NEWSPAPER