Why is the price of oil going up
What Makes The Price Of Oil Go Up And Down?
u.s. crude exports have been picking up
for some time we've had a we had an
export sort restrictions not quite a ban
in place for years and years and just a
couple years ago that restriction was
lifted and US crude producers have been
increasingly shipping their crude to
European refiners and now to Asia as
well which is really interesting and
they have a lot of different buyers
throughout the world that are kind of
picking up bits and pieces of US crude
to test it out in their refining systems
to see if they like it and then if they
do like it what they'll start doing is
bringing over more and more sort of
terming it up what we think is really
interesting is that you know the
European refiners which traditionally
were bringing in crude from Nigeria
which is fairly short haul right it's
right down the street so to speak are
now bringing in some US crude and that
US crude is making its way all the way
over to like India and China you know
where you'd think well it's a long way
to go right to bring your crude over
can't they find crude more locally they
can but some of these refiners really
like that quality occurred they think
it's a good fit for their petrochemical
industry the the biggest market that
people are looking at right now is Asia
that's where we see growth that's where
like people at zero week we're talking
about you know a big increase in Asian
demand Chinese demand is still driving
global demand largely Indian demand is
still driving a global demand for for
oil so we're seeing increasingly more
crude heading to China and and to India
and I thought what was interesting this
week is that some Indian oil companies
we're talking about investing in US
crude production so not just taking the
crude not just buying the crude but
maybe getting into the production itself
as a way to secure that supply
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