US pushes more oil into Latin America as surpluses rise (The Irish Times)

02 / FEB / 2017

The Irish Times

The US for the first time is pushing more crude and refined petroleum products into Latin America than it brings back, signalling a change in the global trade map that could be tested if President Donald Trump introduces border taxes.

The scales tipped in favour of the US in October, when it recorded a surplus of 89,000 barrels a day of petroleum, the first gain for the US since records began in 1993, according to the US Energy Information Administration (EIA).

In November, the surplus grew to 184,000 barrels a day, the EIA said on Tuesday. That compares to a 4.3 million barrel deficit in 2005.

The change comes as Latin America, led by Mexico, is importing unusually large amounts of gasoline as ageing refineries fail to keep up with soaring demand.

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