Companies Prepare for Ensuing Acceleration in Exports
Jun 29, 2017
U.S. oil production is on a continued rise. So much that analysts believe domestic demand will soon be outpaced by supply, and make way for more product for export markets.
Congress lifted a ban on U.S. oil exports in December of 2015. The first crude oil cargo to ship out left from Corpus Christi on the THEO T, leading the way in what has become a 200% increase in U.S. exports. Q1 of 2017 marked the highest rate of export barrels on record at 1.1 million per day.
With over 9 million barrels per day in U.S. oil production, and expectations for over 10 million barrels per day by the end of 2017, companies doing business at Texas ports are preparing for the ensuing acceleration in exports.
Forbes has more, see Five Primary Beneficiaries of Rising U.S. Oil Exports.