U.S. Refiners Look Abroad As Domestic Competition Increases

10 Mar 2017   exports

U.S. oil refiners are going global. That’s the message that has been coming from the industry over the past year when a lot of refining capacity abroad was shut down for various reasons, making way for imports from the U.S. Bloomberg reports that in 2016, American companies exported 3 million barrels of refined petroleum products daily – a record high – and sector players seem determined to continue expanding their export capacity. Exxon, for example, recently announced a $20-billion investment program for the Gulf coast, to consist of refining and petrochemical production facilities and infrastructure. The output is planned to be exported. Exxon is far from alone in this. According to Bloomberg, many are looking abroad for new markets to take advantage of the cheap supply of crude and gas domestically, which makes the product more competitive internationally. For now, however, refiners seem to be focusing mainly on Mexico, […]

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