Friday, 09 February 2018 13:52

US oil exports booming

496 gulf

In the two years since Washington lifted a 40-year ban on oil exports, tankers filled with US crude have landed in more than 30 countries, ranging from massive economies like China and India to tiny Togo. The US is now the second largest oil exporter in the world and country currently produces more oil than top exporter Saudi Arabia and the US is likely to take over the No.1 producer spot from Russia by the end of the year.  The export boom has filled pipelines and sparked a surge of investment in new shipping infrastructure on the Gulf Coast.  Export volumes would be even greater but no U.S. port can handle the Very Large Crude Carriers(VLCC). US producers now export between 1.5 million and 2 million barrels of crude a day, which could rise to about 4 million by 2022. The nation’s output is expected to account for more than 80 percent of global supply growth in the next decade, according to Paris-based International Energy Agency.

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