Oil exports from the U.S. have soared 10-fold since President Obama lifted the export ban in 2015. The recent Russian invasion of Ukraine has spurred demand for American crude and oil products in Europe.
, a Texas oil grade will be added to the Brent complex of crude contracts. U.S. oil is going places.
After the first downturn that bruised the industry quite painfully, producers got smarter. They learned to pump more with fewer expenses. The second shale boom unfolded, and even the biggest isolationists in Washington realized the U.S. could once again become an exporter of oil. The oil export ban was lifted, and American crude began traveling the world.
While this proved to be a premature statement, the price-setting power of the United States on the oil market has certainly increased significantly. Most of the significance of this increase came last year, after the European Union began sanctioning Russia for its invasion of Ukraine and, among everything else, targeted its oil sector. The obvious alternative for the still energy-intensive EU was the oil produced by its sanction allies in the United States.
In 2021, ICE, the stock exchange operator, and S&P Global Platts, which reports and provides assessments on benchmark prices, published a jointsuggesting the Brent complex needs updating. The update would include an addition of another crude to the Dated Brent contract. The two contenders were WTI Midland and Norway’s Johan Sverdrup.
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