Daily Energy Report
Daily Energy Report
US imports more Brazil crude, Guyana’s non-oil ambitions, Exxon eyes Guyana LNG, US natural gas prices down, TMX expansion, Cheap Canadian oil, , India needs more coal, Biden’s bad EV dreams, and more
Chart of the Day: US Crude Oil Imports from Brazil are Increasing
Summary
Figure (1) above shows US crude oil imports from Brazil. It shows that US crude oil imports are rising again as they did between 2055 and 2007.
EOA’s Main Takeaway
As Brazil production increases and US refineries require medium grades, US imports from Brazil are expected to increase. If US shale production peaks, we will see an increase of US imports from Brazil. We expect US imports from Brazil to break a new record by 2026.
Story of the Day
Bloomberg: Oil Rich Guyana is in a Hurry to Move Beyond Crude
Reuters: Exxon Mobil Looking at Natural Gas Production in Guyana after 2029
Bloomberg: Exxon Considers LNG as Option for Seventh Guyana Project
Summary
President Irfaan Ali of Guyana is prioritizing diversification away from oil, focusing on sectors like natural gas and agriculture, despite the country's impending boom in crude production. With significant oil reserves discovered by Exxon Mobil and the potential for resource curse-related issues, Ali is directing nearly $4 billion into infrastructure and energy to avoid over-reliance on oil. These efforts come amid rapid development, increased living costs, and geopolitical tensions with Venezuela.