The great energy pivot: US oil and Chinese solar are the winners in Trump’s war on Iran
Summary
A conflict involving the US and Iran has disrupted oil supplies from the Middle East, leading to a record number of large oil tankers heading to the United States. This shift is increasing US oil exports and accelerating growth in oil production in the Americas, while also pushing some countries to explore greener energy options.Key Facts
- Nearly 30 very large oil tankers, each holding 2 million barrels, are scheduled to load US crude oil due to Middle East supply problems.
- The US has become the world’s largest oil and gas producer after the shale revolution five years ago.
- US crude oil exports recently rose by one-third to a record 5.2 million barrels per day.
- Iran blocked 10 million barrels of Gulf oil exports daily through the Strait of Hormuz in response to US-Israeli attacks.
- Weekly US jet fuel exports doubled to a new high as Europe seeks more supplies amid the conflict.
- Saudi Arabia lost about a third of its oil production in weeks due to the war.
- Repairing damaged Middle East oil infrastructure might cost $34 billion to $58 billion and take years.
- Latin America, including Brazil, Guyana, Suriname, and Argentina, is expected to supply nearly half of global oil production growth through the 2020s.
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