The annual IHS Energy CERAWeek conference in Houston wrapped Friday with discussions on topics ranging from oil exports to America’s role in the Middle East and nanotechnolgoy.
Dutch oil trader Trafigura confirmed it delivered a cargo of crude oil sourced from U.S. basins to Israeli refineries in an early start for U.S. oil deliveries.
The sea stretched toward the horizon last New Year’s Eve as the Theo T, a red-and-white tug at her side, slipped quietly beneath the Corpus Christi Harbor Bridge in Texas. Few Americans knew she was sailing into history.
Texas Congressman Joe Barton, chairman emeritus of the U.S. House Energy and Commerce Committee, made that proclamation on Feb. 17 in an interview with CNN.
Two Texas storage terminals played leading roles in the first exports of crude oil to Europe since the US oil export ban was enacted 40 years ago. The crude oil shipments occurred just weeks after repeal of the ban in mid-December 2015.
Venezuela, a member of the Organization of Petroleum Exporting Countries (OPEC), has been forced by its failing economy to accept its first shipment of American crude oil Sunday despite having some of the world’s largest petroleum reserves.
Venezuela has more oil than any other country on the planet.
But it just bought a bunch of American crude.
Last December, the United States moved closer toward unleashing the full potential of its energy renaissance when Congress passed – and President Obama signed – an omnibus spending bill containing language eliminating the 40-year old ban on crude oil exports. The repeal was historic and sent a clear message to the rest of the world: America is ready to fully engage on the global energy stage.
Venezuela’s state-run oil company PDVSA has imported a 550,000-barrel cargo of West Texas Intermediate crude at one of its terminals in the Caribbean, traders told Reuters on Tuesday, marking the first Latin American purchase of U.S. oil since an export ban was lifted last year.
The U.S. is now supplying OPEC with crude oil, sort of.