French Highlights Oil and Gas

With Iran squeezed out, US oil takes on new rivals in Europe

As the oil industry gathers in London this month for the annual IP Week, U.S. crude producers may have every reason to toast the success of their campaign in Europe, as well as Asia

When the global oil trading industry gathered for its biggest annual meeting in Asia in September last year, U.S. oil producing companies came well prepared.

U.S. giant Exxon Mobil and European rival Royal Dutch/Shell prepared brochures for oil buyers detailing various U.S. crude grades and why they were suitable to replace part of Asia’s long-standing supplies from the Middle East, Africa and Russia.

As the oil industry gathers in London this month for the annual IP Week, U.S. crude producers may have every reason to toast the success of their campaign in Europe, as well as Asia.

Only a few years ago, before the hydro-fracking and shale revolution overturned the economics of U.S. oil production, the United States was the world’s largest oil importer by far and prohibited exports of oil by law.

Source Energyworld

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