Oslo-based research firm Rystad Energy said last week oil exports from U.S. Gulf Coast are expected to reach an all-time high of 3.3 million barrels per day in 2022Q2 as refining capacity disruptions limit operators’ ability to meet demand and supply is boosted by release from strategic petroleum reserve. More than 95 percent of U.S. crude oil exports pass through Gulf Coast ports in Louisiana and Beaumont, Corpus Christi, Houston and Port Arthur in Texas. The previous record was 3.2 million b/d in 2020Q1. Corpus Christi leads the ports with 1.86 million b/d in 2022Q2 after 1.7 million b/d in 2022Q1.
“Domestic refining capacity in the U.S. remains depressed compared to pre-covid levels,” Artem Abramov of Rystad said. “So it’s no surprise that government intervention to support crude supplies has resulted in an increase in exports of domestically produced light barrels. It means the U.S. is able to support global markets amid the most challenging energy crisis in at least 30 years.”
Rystad said Gulf Coast exports are expected to reach 4 million b/d in 2023.