U.S. IMPORT ELIMINATION
U.S. show the potential to eliminate net energy imports sometime between 2020 and 2030. This reflects changes in both supply and demand, as continued growth in oil and natural gas production and the use of renewables combine with demand-side efficiencies to moderate demand growth. The United States has been a net importer of energy since the 1950s.
The United States is currently an exporter of petroleum products and coal, but an importer of natural gas and crude oil. When the energy content of these fuels is combined, the United States in 2014 imported 23.3 quadrillion British thermal units (Btu) of energy and exported 12.2 quadrillion Btu. Projections in EIA's recently released AEO2015 show that, on an energy content basis, U.S. energy imports and exports could come into balance in coming years.
The timing of the projected end to U.S. net energy imports depends on assumptions about oil prices, energy resources, and economic growth. In the AEO2015 Reference case, imports and exports are balanced starting in 2028. In other cases, such as the High Oil Price and High Oil and Gas Resource cases, the United States becomes a net exporter of energy in 2019. However, in the Low Oil Price case, the United States remains a net energy importer through 2040.
In most of these cases, natural gas is the dominant U.S. energy export, while crude oil and liquid fuels continue to be imported. In all cases, the United States transitions from a net importer of natural gas to a net exporter in 2017. These natural gas exports are mostly sent by pipeline to Mexico or in the form of liquefied natural gas (LNG) to other countries.
The United States continues to be a net importer of crude oil and liquid fuels in most cases, despite increases in exports of petroleum products. Net trade in coal and other energy commodities is relatively unchanged.
These changes in energy trade are anticipated based on both increases in domestic production—especially crude oil and natural gas—and more moderate expectations of demand growth. Subsequent articles will provide more information on these supply and demand projections.
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PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.
AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.
WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.
REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.