According to the latest report from the International Energy Agency, shale oil output in the United States continues to increase, causing a major impact on the global oil and gas market. The United States has cut imports of light crude oil from countries such as Nigeria and Algeria. In the past two years, this decline has exceeded 50%.
“The impact of shale gas and shale oil in the United States is almost everywhere in the global oil market.†The International Energy Agency (IEA) wrote in its 2013 mid-term crude oil market report. The IEA also concluded that: "This powerful new force is redefining the production, processing, trade, and consumption of crude oil around the world. In the next five years, almost every aspect of the global oil supply chain will undergo a certain degree of change."
Reported that under the strong impact of shale oil, the international oil supply pattern has also greatly changed. Mainly in the United States reduced crude oil imports. In the first three months of 2013, the amount of crude oil imported by US refiners fell to 681 million barrels, which was lower than the 78.85-8.0 billion barrels in 2011 and 2012. The second performance is quality improvement: Crude oil from the Bakken shale formation usually has an API gravity of 40 or higher. Saudi crude oil is usually 30 or less. Venezuelan crude oil is usually below 20 levels, sometimes even as low as 10 levels.
Prior to the shale revolution, the prevailing view was that global crude oil supply categories would become heavier and more sour because of the continuous decline in the production of high-quality oil fields in the North Sea and other regions, forcing refineries to increasingly rely on Saudi Arabia, Venezuela, and Canada's high crude oil content of heavy crude oil supply.
The reactions of American and Asian refineries are to invest heavily in the removal of unwanted sulfur and convert the residues left by processing heavy, high-sulfur crudes.
Shale oil has overturned all these considerations. Crude oils from the Bakken Shale typically have an API gravity of 40 or higher. Saudi crude oil is usually 30 or less. Venezuelan crude oil is usually below 20 levels, sometimes even as low as 10 levels.
IEA stated that shale oil is "suitable for some refineries in the United States that are originally close to closure, but (for others) the spreads between quality-reducing and light crude oil, and large investments in upgrading production capacity, supply Rongjing brings Challenges have also brought opportunities."
Shale oil and gas impacts are not limited to the United States. Since North American refineries used shale oil to replace Nigerian and Algerian light crude oil, the latter had to open up new markets in Europe and Asia, where they would compete with local crude oils, such as Brent crude and Talipus Malaysia. crude.
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