The United States is going to cut oil imports from the Middle East twice by 2020 and stop them entirely in future thanks to growing domestic hydrocarbons production, under a new strategy which could hit the current global oil export leaders, RBC daily business newspaper reported on Thursday citing analysts.
The U.S. government plans to cut oil imports from the Middle East, Africa and Europe to 2.5 million barrels per day by 2020 from the current volume of over four million barrels a day, and stop imorting entirely by 2035. The country is unlocking new sources of oil in shale-rock formations, oil sands and deep beneath the ocean floor, strengthening its economy and energy security, The Wall Street Journal has said.
The new U.S. strategy, which will lead to international oil prices falling, will have major consequences for leading oil exporting states, including Russia, Institute for Strategic Studies and Analysis head Vagif Guseinov told RBC daily.
“A considerable quote decrease may be devastating primarily for … Iran, Venezuela and Russia as their budgets have been recently formed on the basis of a $100-120 per barrel price. [The strategy] gives grounds to the U.S. and its allies to succeed in their new energy policy not only in the Middle East but also all around the world,” Guseinov said.
Despite the new energy strategy, the Middle East will continue to be at the center of Washington’s foreign policy, since the region largely determines the international price of ‘black gold’, RBC daily said.