U.S. crude oil exports on the rise – exploring new markets
Jun 07, 2016
Despite an abundance of oil on the worldwide market the United States continues to see oil exports on the rise. U.S. crude exports are spanning the globe from Canada, Japan, and Italy to the Caribbean island of Curacao amongst other nations.
U.S. oil represented 6% of total production volumes at home for the month of March, and was exported at a rate of 508,000 barrels per day.
Port Corpus Christi was the first port to ship out an export load of U.S. crude oil on New Year’s Eve. New markets for export of U.S. crude oil are being realized since the lift of a decades long ban on crude oil.
Port Corpus Christi Executive Director, John LaRue, recently told CNN Money – “We’re ready. When prices go up, U.S. crude is going to be more in demand.”
The THEO T departs Port Corpus Christi with the first U.S. export load of crude oil in 40 years on New Year’s Eve, 2015.
Read more from CNN Money – U.S. oil exports rise 7-fold in first 3 months