Dubai – Mubasher: As a sign of the development of the US’ shale industry in the global market of energy, the UAE reportedly imported condensate oil directly from the US in December, the federal government revealed, according to Bloomberg.
In the last month of 2017, the US exported around 700,000 barrels of light domestic crude to the UAE, which imports extra-light condensate to process in a unit known as a splitter, despite its 2 million-barrel-per-day (bpd) exports, the Census Bureau’s data showed.
“The purchases of the US oil are not likely to continue, given the UAE’s own supply,” said Andy Lipow, president of Lipow Oil Associates.
The American net oil imports dropped to below 3 million bpd, their lowest level since 45 years ago, in comparison with over 12 million bpd in 2006, which would turn the US in the foreseeable future to a net petroleum exporter, Bloomberg reported.
In compliance with OPEC’s output cut agreement, the UAE reduced its production to 2.85 million bpd in January from 3.07 million bpd at the end of 2016.
The UAE has been exporting condensate oil from Qatar before the relationship between both Arabian Gulf nations was severed, the international media company concluded.
