Nigerian oil and gas exports look to be facing serious threats down the line as the United States, typically the world’s largest oil consumer, exported more hydrocarbons than ever before in 2017 and shows no signs of slowing down, Bloomberg reports.
Crude oil, petrol, diesel, propane and even Liquefied Natural Gas; all were shipped abroad at a record pace. While the surge comes many years after the shale boom started, it can be traced straight back to the growth of horizontal drilling and fracking. U.S. exports are poised to expand even further, as the fear of peak oil supply has all but vanished just as a new demand threat emerges in the form of electric vehicles.
America is pumping oil at rates unseen since the early 1970s with more and more of it going overseas, giving OPEC a headache as the group restrains its own output. Liquefied natural gas (LNG) shipments are just warming up. The sole export terminal in the U.S., operated by Cheniere Energy Inc., hit new highs this year after its capacity was expanded. LNG has now begun reaching Asia and even the Middle East, which is typically a top supplier of the fuel.