Another factor that will influence the ton–miles generated
by oil trade is the structure of oil production in the United
States, which is such that crude oil ton–miles will not
necessarily drop with the evolving energy profile of the
country. Refineries in the United States will continue to
import heavy crude oil from Western Asia as well as
from developing America in view of the fact that the
light crude oil produced in West Africa is similar in its
structure to the crude oil produced in the United States.
Therefore, imports from West Africa to the United States
are already declining, with much of the new surplus cargo
now being shipped to Asia and with associated crude oil
ton–miles increasing (Financial Times, 2013). Finally, as
pricing differentials also affect demand between regions,
additional trade in the direction of higher-priced Asia
could also likely to boost tanker ton–miles. Meanwhile,
with pipelines extending from Kazakhstan, the Russian
Federation and soon Myanmar to China, crude oil ton–
miles could be constrained in the future, which would
entail some implications for tanker demand, the global
tanker fleet and tanker trade patterns
Another factor that will influence the ton–miles generated
by oil trade is the structure of oil production in the United
States, which is such that crude oil ton–miles will not
necessarily drop with the evolving energy profile of the
country. Refineries in the United States will continue to
import heavy crude oil from Western Asia as well as
from developing America in view of the fact that the
light crude oil produced in West Africa is similar in its
structure to the crude oil produced in the United States.
Therefore, imports from West Africa to the United States
are already declining, with much of the new surplus cargo
now being shipped to Asia and with associated crude oil
ton–miles increasing (Financial Times, 2013). Finally, as
pricing differentials also affect demand between regions,
additional trade in the direction of higher-priced Asia
could also likely to boost tanker ton–miles. Meanwhile,
with pipelines extending from Kazakhstan, the Russian
Federation and soon Myanmar to China, crude oil ton–
miles could be constrained in the future, which would
entail some implications for tanker demand, the global
tanker fleet and tanker trade patterns
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