U.S. crude oil exports could increase to 3.9 million bpd by 2020, mostly driven by rising production in the Permian, the Houston Chronicle reported on Tuesday, citing a new report by S&P Global Platts.
U.S. crude oil exports are expected to reach 2.2 million bpd next year, according to the estimates.
The current ship-borne capacity of the United States is some 4.8 million bpd, with Texas accounting for most of it—3.9 million bpd, according to the S&P report quoted by the Houston Chronicle.
According to the latest available EIA monthly data, U.S. crude oil exports hit the 2 million-bpd monthly mark for the first time in May this year, and exports held above 2.1 million bpd in June and July, with record (so far) monthly exports at 2.2 million bpd in June.
Since the United States removed four-decade-long restrictions on crude oil exports at the end of 2015, U.S. exports have increased. Helped by higher oil prices that renewed shale activity, these exports have continued to rise over the past year and a half.
At the same time, production in the Permian has surged, and the EIA estimates it at 3.427 million bpd in September, rising to 3.458 million bpd in October.
Full article: U.S. Crude Oil Exports Could Jump To Almost 4 Million Bpd By 2020 (OilPrice)