Platts: U.S. Oil Exports Expected to Hit Nearly 4 Million Barrels a Day By 2020
U.S. crude oil exports are expected to hit nearly 4 million barrels a day by 2020.
The export volumes are expected to rise to 2.2 million barrels a day in 2019 and hit 3.9 million barrels a day by 2020, according to a new report by research firm S&P Global Platts.
The increasing crude oil exports will be linked to continued oil production growth in U.S. shale oil fields, particularly the Permian Basin in West Texas, which is currently producing around 3.4 million barrels of oil a day.
The report estimates that the Permian -- which stretches from West Texas into New Mexico -- accounted for more than a quarter of U.S. oil production in 2017.
The Platts report said current ship borne export capacity out of the U.S. is around 4.8 million barrels per day, with Texas accounting for the vast majority of the total, 3.9 million barrels a day. Houston is said to have the lions share of export capacity -- more than 2 million barrels a day -- while the Corpus Christi and Brownsville region has more than 1.1 million barrels a day of oil export capacity.