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Shale Boom Creates New U.S. Oil Export Hub

Shale Boom Creates New U.S. Oil Export Hub

Soaring Permian oil production, increased pipeline takeaway capacity, and a port expansion to accommodate larger vessels position the Texas port of Corpus Christi to become the U.S. oil export hub that could see the most volume growth through 2023, analysts at Wood Mackenzie say.

According to John Coleman, Wood Mackenzie’s Senior Analyst North American Crude Oil Markets, Corpus Christi will surpass 1 million bpd of exports by 2020, and those exports could double to 2 million bpd by 2023 as the United States vies to become a major player on the global crude oil market.

U.S. onshore lower 48 output is expected to exceed 11 million bpd by 2023, and the Permian is forecast to account for half of all U.S. onshore oil production by 2023, or some 5 million bpd, according to WoodMac.

As most of the new production will be light sweet and ultra light crudes, and most U.S. refineries are configured to process medium and heavy crude varieties, the U.S. domestic market—without large-scale capital investment—can only absorb around of quarter of the additional 4 million bpd that U.S. oil production that will come online by 2023, leaving the rest for exports, Wood Mackenzie estimates.

Continued: https://oilprice.com/Energy/Energy-Gene ... t-Hub.html