Surge in U.S. shale production changes the way oil flows around the globe
The United Arab Emirates, a model Arabian Gulf petro-state where endless billions from crude exports feed a giant sovereign wealth fund, isn’t the most obvious customer for Texan oil.
Yet, in a trade that illustrates how the rise of the American shale industry is upending energy markets across the globe, the U.A.E. bought oil directly from the U.S. in December, according to data from the federal government. A tanker sailed from Houston and arrived in the Arabian Gulf last month.
The cargo of American condensate, a type of very light crude oil, was preferred to regional grades because its superior quality made more suitable for the U.A.E.’s processing plants, a person with knowledge of the matter said, asking not to be identified discussing a commercially sensitive matter.
This story is from the 16 February, 2018 edition of Bloomberg Businessweek Middle East.
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This story is from the 16 February, 2018 edition of Bloomberg Businessweek Middle East.
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