The US sells too little oil in Europe to really compete with Russia in that market

25 january 2016 | "Kompaniya"

The US has lifted the embargo on oil exports. The current export potential of the US is estimated at up to 500,000 barrels per day. Thus Russia’s selling 10-25 times more oil than the US. "In the global sense US and Russian oil companies are competing and have always competed against each other – US corporations have assets all over the world,"ALexander Kurdin, the Head of the Department for Strategic Studies in Energy of the Analytical Center, told "Kompaniya" Magazine, "Nevertheless, the amounts the US sells in Europe are too insignificant for the US to be able to really compete with Russia in that market."

Alexander Kurdin
Alexander Kurdin
Department for Fuel and Energy Sector

The question of weather US oil companies will be able to muscle in on the international markets and promote their WTI crude oil is one that few people can answer at the moment. The fact remains, however, that a new full-fledged player has emerged in the global market. US companies are currently trialling export schemes and probing the European and Asian markets in search of new customers. "Kompaniya" Magazine concludes that the already highly competitive global oil market that is already experiencing a glut of supply has just become even more competitive.