US is doing ‘something we’ve never seen before’ with oil, says Kloza

Finance


The United States has started doing something unprecedented when it comes to oil, and the impact is expected to grow into next year.

Tom Kloza of the Oil Price Information Service is alluding to the U.S. ramping up exports. It follows the 40-year ban that was lifted two years ago.

“The highlight you need to watch for the next few months is going to be more record breaking exports of crude oil. Our view is that it’s going to soften the price for Brent,” the firm’s global head of energy analysis said recently on CNBC’s “Futures Now.”

According to Kloza, it’s possible the U.S. will export 15 million to 20 million barrels of crude a week to several continents.

“That’s something we’ve never seen before,” he added.

Kloza, who accurately called the 2015 oil collapse, says it’s unclear how the phenomenon will affect the global markets, but he doesn’t expect a breakout to the downside.



Source link

Products You May Like

Articles You May Like

Bank of America (BAC) earnings Q1 2021
I paid off $28,000 in debt in 3 years and became a money coach: My best advice
NFL safety Malcolm Jenkins on making over $70 million and being frugal
PepsiCo (PEP) Q1 2021 earnings beat
Billionaire Mark Cuban on bitcoin’s top after Coinbase listing

Leave a Reply

Your email address will not be published. Required fields are marked *