Texas Flood: U.S. oil exports pour into markets worldwide
Feb 08, 2018
U.S. producers are currently exporting between 1.5 million and 2 million barrels per day of crude oil. This number is expected to rise to around 4 million barrels per day by 2022. The nation’s output is expected to account for more than 80 percent of global supply growth in the next decade.
U.S. crude oil has made its way into the world’s third-largest oil importer, India. The U.S. is also now the fifth largest oil supplier to France.
This all translates to a Gulf Coast shipping boom where infrastructure and terminals are being built out to handle larger tankers.
Read more from Reuters; Texas Flood: U.S. oil exports pour into markets worldwide. The article features commentary with Port Corpus Christi’s Chief Commercial Officer, Jarl Pedersen, and mentions the recent letter from energy executives forwarded by Port CEO, Sean Strawbridge, to the Trump administration regarding funding of the Corpus Christi Ship Channel Improvement Project.