Since lifting the ban on crude oil exports, American light sweet crude is reaching far corners of the globe and, consequently, reshaping the word energy market. First making history aboard the Theo T, U.S. crude has since landed in France, Germany, the Netherlands, Israel, China, Venezuela, and Panama. Now rumors are circulating that soon Bakken crude could be headed to South Korea.
During a recent energy conference, Continental Resources CEO Harold Hamm announced that he is currently in negotiations to deliver the energy resource to Southeast Asia. Although this would add another pin in the global map for American crude, some experts are questioning the expense of transporting the crude to South Korea. But others argue that the price still makes economic sense in order for South Korea to diversify their energy sources and move away from Middle Eastern crude.
This move highlights a larger looming question that has energy enthusiast scratching their heads – Will OPEC remain a leader in the future oil market? Since projects in the U.S., Iraq, and, now, Iran, have come online, countries that have had to rely upon unstable energy sourced from the Middle East and Russia are now looking forward to new and better opportunities.
Although the impact of crude exports has not had a profound impression on American soil, the long-term timeline is where benefits are to be expected. As a result, oil traders in the U.S. are readying their supplies for more opportunities to stabilize the world oil market and help America’s foreign allies.