The latest Short Term Energy Outlook report from the U.S. Energy Information Administration (EIA) forecasts U.S. crude oil production to average 12.92 MMb/d by the end of this year and rise further to 13.12 MMb/d in 2024 – at record levels. Concurrently, crude oil exports are also expected to settle at unprecedented levels this year. Post the ban on most crude oil exports was lifted in December 2015, U.S. Gulf Coast terminals loaded nearly 1.5 MMb/d by the end of 2018. Exports have increased significantly since then, especially after Russia invaded Ukraine and the subsequent sanctions on Russian oil that were announced by the European Union and G-7.
Data from the Crude Voyager report shows that year-to-date Gulf Coast crude oil exports currently average over 3.7 MMb/d, up 607 Mb/d from the same time last year. The Houston and Corpus Christi regions have each loaded more cargoes than in previous years. Loadings from Houston have averaged 892 Mb/d, up from 737 Mb/d recorded at the same time last year. The Corpus Christi region also loaded a record 2.2 MMb/d so far this year, up from 1.9 MMb/d noted in 2022. Most of the shipments this year have been scheduled to a European port, at 1.7 MMb/d, followed by Asia Pacific at 1.5 MMb/d. As the world continues to snap up U.S. barrels, which have somewhat offset a portion of the production cuts by OPEC and its allies, we expect crude oil exports to continue to rise.
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October 19, 2023 at 03:34AM
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USGC Export Terminals Set for Record Crude Oil Shipments in 2023 - RBN Energy
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