It may be a bit surprising to see that exports suffer as much as imports by the imposition of tariffs. There are a few reasons why this is the case in the short term, and why these tariffs may not have their desired impact in the long run. First, about half of imports are currently...
In April 2017, Qatar Petroleum lifted a 2005 moratorium on the development of the North Field and has since been working towards increasing its output. Recent appraisal drilling has led to a 14% increase in Qatar's claimed reserves, adding 240 trillion cubic feet to over 2,000 tcf total res...
Petroleum and related goods account for an enormous share of international maritime trade. For the United States, the world's largest energy consumer, imports of petroleum and related products are a vital connection to foreign suppliers. This paper illustrates cartographically the geographic structure ...
refineries operated at 80.6% of their operable capacity last week, while gasoline production slowed, averaging 9.0 million barrels per day. Imports of crude oil in the country averaged 6.7 million barrels per day last week, rising by 184,000 barrels per day. Total commercial petroleum inventories...
Through a combination of the Great Recession and additional domestic production of crude oil, natural gas liquids (NGLs) and biofuels, total US net imports of crude and refined products have fallen almost 25% from their peak in 2005. Demand destruction caused by the 2008-09 recession remains th...
In 2023, the United States exported around 728.03 billion U.S. dollars worth of industrial supplies, including petroleum and petroleum products. Additionally, capital goods were exported to a worth of 601.24 U.S. dollars. Volume of exports of trade goods in the United States in 2023,...
Figure 5. Chart prepared in March 2023by the EIAshowing forecasts of LNG exports, under several scenarios. The above analysis was performed using data as of the end of 2022. It shows that at that time, the amount of liquefaction capacity was ...
According to data from the US Energy Information Administration, for CY2021 the US exported more petroleum (crude oil and related products) than it imported – exports of 8.63 mmb/d vs. imports of 8.47 mmb/d. in CY2021 more than 50% of the imports were from Canada. Some of the ...
share of aggregate spare production capacity within the group.6In 2023, Saudi Arabia accounted for 35% of OPEC's crude oil output, more than twice as much as Iraq, the second-largest producer in the organization. OPEC crude oil accounted for 27% of global petroleum liquids production for ...
Petrodollars are dollars paid to oil-producing countries for their exports. The petrodollar emerged as an economic concept in the 1970s as growing U.S. imports of increasingly costly crude oil increased the dollar holdings of foreign producers. ...