Oil Trader Vitol Sees `a Lot More’ Growth in U.S. Crude Exports

10 Mar 2017   exports

Vitol Group BV , the trader that shipped the first cargo of U.S. crude after export restrictions ended in late 2015, predicts the country’s oil exports will grow “a lot more” because of rising production in Texas. U.S. crude shipments briefly surged to a record 1.21 million barrels a day in mid-February, up from 32,000 in 2010, when most of the country’s production couldn’t be sold overseas because of a 40-year-old ban. “We will see a lot more growth in U.S. crude exports,” Mike Loya, the head of Vitol in the Americas, said in an interview in Houston. Loya, a 25-year Vitol veteran, said that oil production in the Permian shale, which extends from western Texas into southeast New Mexico, will rise by 600,000 to 700,000 barrels a day in the year through December. “A lot of that is going to be exported,” he said. The export boom is […]

Tags:

Comments are closed.