Earnings season reimagined
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In a trade that illustrates how the rise of the American shale industry is upending global energy markets, the United Arab Emirates (U.A.E.) bought oil directly from the U.S. in December, reports Bloomberg.
The cargo of American condensate, a type of very light crude oil, that arrived in the Persian Gulf last month – in a tanker that sailed from Houston – is preferred to regional grades because its superior quality is more suitable for the U.A.E.’s processing plants.
The end of a ban on U.S. exports in 2015, coupled with the explosive growth of shale production, has changed the flow of petroleum around the world. Shipments from U.S. ports have increased from a little more than 100,000 barrels a day in 2013 to 1.53 million as of November, traveling as far as China and the U.K.
Although it exports more than two million barrels a day, the U.A.E. typically imports extra-light condensate to process in a unit known as a splitter. Until last year, the U.A.E. relied on Qatar for its condensate supply. But the two countries are embroiled in a political dispute, and the U.A.E. decided in June to ban all petroleum shipments from Qatar. (Source: Bloomberg)
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