Rystad Energy has projected that crude oil exports from the U.S. could more than double in the next three years. In a note dated October 15, the Norwegian energy consultancy said that export volumes might rise from the current level of 2.9 million barrels per day (bpd) to 4.7 million bpd by the end 202 and 6 million bpd by the end of 2022.
Exports are set to rise in the near term as oil output continues to move upwards and new export pipelines and terminals come on stream, Rystad said. The additional barrels will not remain within the U.S., since domestic refinery capacity has remained static, it explained.
“Crude exports will grow on the back of new infrastructure coming online in Corpus Christi, Texas, and as international crude buyers ramp up efforts to diversify their import sources after the attacks on oil facilities in Saudi Arabia and overall rising tensions in the Middle East,” commented Paola Rodriguez-Masiu, a senior analyst with the consultancy’s oil market team.