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As expected, oil companies in US argued strongly to lift the ban on export which traps domestically produced crude oil from exporting in raw form. Ryan Lance, CEO of ConocoPhillips was in Washington last week to persuade the White House over this.
Domestic scenario -
- New technologies and shale oil drilling led to rise in crude oil production in US to around 9.2 million/barrels a day. At this rate US is the third largest producer in the world after Russia and Saudi Arabia.
- Export ban lead to storage of most of the production that lead to the rise of stocks close to 450 million apart from strategic reserve and leading to a short supply of storage. Domestic refiners are clearly not able to handle the supply.
- US crude is now trading at $10 discount to Brent.
Question is should the ban be lifted?
Arguments in favor -
- US production may lead towards Europe that will further reduce its relying on Russia, thus curbing its influence across globe.
- US will strengthen its dominance in the world through oil politics and power.
Arguments against -
- Oil price may tumble further if US enters the export market and it would mean giving away national resource at a very cheap price.
- Domestic companies to be advantageous with US crude trading at comparatively lower price.
WTI is currently trading at $43.2/ barrel.
