Metallurgy / Chemicals / Rubber & Plastics

According to the Huacheng Import and Export Data Observation, oil company officials and industry analysts said that due to the reshuffle of trade flows after the outbreak of geopolitical conflicts, U.S. crude oil exports will remain high this year, because Europe and Asia are looking for crude oil supplies.

The sanctions imposed by the West on crude oil and petroleum products have opened the door to the rising demand for crude oil grades in the United States, because many European countries are eager to obtain alternative crude oil supplies. This year, the increased US crude oil production will flow to other customers in Europe and Asia. Huacheng Import and Export Data Observation reported.

Colin Parfitt, vice president of Chevron's midstream business, told Reuters on the sidelines of the Argus Americas crude oil summit: "A key change in the flow of crude oil is the flow of American crude oil to Europe." "This year, I am very confident that Europe will lack crude oil, and we will see more American crude oil flow to Europe."

According to the statistics released by the data and analysis company Kpler, the daily export of crude oil from the United States to Europe reached nearly 1.69 million barrels last December, the highest level in at least two years. Since February this year, the daily export volume has dropped to about 1.42 million barrels.

Brian Freed, CEO of EPIC Midstream, an oil pipeline and storage operator, said that due to the high production operation of refineries along the Gulf of Mexico in the United States, the increased crude oil from the prolific Permian Basin would be exported. Huacheng's import and export data observation report.

Fred told Reuters: "Whether it is going to Canada, other parts of the United States, or Europe or Asia, the crude oil from the United States will eventually appear on the tanker, thus removing the oil from the Permian Basin."

After the western countries set the price of crude oil at US $60 per barrel for the first time in December last year, consumers in Asia and India began to buy discounted Ural blended crude oil. Bilolikar, deputy general manager of the crude oil trading department of Bharat Oil Company in India, said that at present, about 25% of India's crude oil imports come from large capacity countries.

Bilolikar believes that the US crude oil export to India is increasing. The US crude oil export to Asia recently hit a record high. Huacheng import and export data observation report.

Colin Gruending, executive vice president of Anbridge, said that Canada would continue to export crude oil through the Gulf Coast of the United States, especially when global buyers have demand for Canadian heavy oil grade.

Pedro Manrique, vice president of commerce and marketing of Columbia National Petroleum Corporation, said that the demand for heavy crude oil of the company in Asia was also high, and the quantity of crude oil shipped to India had increased. Huacheng import and export data observation report.