for Crude exports
The economic calamity in Venezuela is having a ripple effect on the oil market, altering long-standing trade flows and hollowing out the country’s oil-producing assets.
What gets overlooked sometimes in the discussion on U.S. crude exports is that the country is still importing more than 8 million barrels per day.
Matt Smith is Director of Commodity Research at ClipperData, a company that tracks global cargo flows of crude and products. He speaks to The Fuse about data transparency, trade flows, and recent price trends.
Crude export deals so far have been “opportunistic” and isolated in nature and have gone to a wide variety of buyers. Cargoes will continue to trickle out, but a gusher won’t happen unless domestic production rebounds significantly.
U.S. crude oil exports declined noticeably during the second part of last year—an ironic development given the intense lobbying at the same time for the liberalizing of the country’s export laws and the ultimate repeal of the ban in December.