Crude Oil Exports
Looking Forward: When and what cost?
Roger Diwan, Senior Director, IHS Energy Insight
Ed Morse, Global Head, Commodities, Citi Research
Kevin Book, Managing Director, ClearView Energy Partners
Michael Cohen, Vice President and Lead Oil Market Analyst, Americas, Barclays
David Pumphrey, Senior Adviser, Energy and National Security Program
The CSIS Energy and National Security Program is pleased to host a conference to examine the impact of surging domestic crude oil production on the potential for changing current policy restricting crude oil exports on Monday. February 10th from 9:30am-11:00am. As the price differential between domestic and international crudes remains wide, producers have become more vocal about their desire for a less restrictive export system. Recently, leading producer appeals have been joined by calls for reform from Washington, including from Ranking Member of the Senate Energy and Natural Resources Committee Lisa Murkowski, and Senate Democratic ENR Committee member Mary Landrieu.
As the debate about crude oil exports heats up, many questions remain. Why have crude exports become an issue, and what are the consequences of inaction? The panelists will present their assessments of the market impact restricting or allowing crude exports. A discussion will follow.
- Why does the U.S. need to export oil when it is still importing oil?
- When will the oversupply of light, tight oil begin to effect investment in U.S. unconventionals as well as the deep offshore?
- What are crude export volumes likely to be?
- What are the domestic price implications (for crude and products) of lifting the export ban?
- What will happen to international prices (for crude and products) if the U.S. lifts the export ban?
- What are the implications for the market if the ban is not lifted, and when are they likely to take effect?
- How will refiners, producers, and other market participants respond if the ban is not lifted?
- Are different options on lifting the ban (i.e., piecemeal, administrative, congressional) likely to have different market impacts? In other words, does it matter to the market how the restrictions are eased?