Posted 12/18/2023, 10:02:17 AM
U.S. Gulf Coast Oil Exports Surge to Record Highs in 2023 on Robust Production and Asian Demand
- Oil exports from U.S. Gulf Coast at record levels in 2023, averaging 4 million barrels per day
- Exports rising due to high U.S. oil production (13.2 million bpd) and attractive oil price discounts
- Export surge driven by demand from Asia, especially China
- Gulf Coast inventories declining as oil flows out of the region
- Tax considerations also pushing oil out of Texas storage ahead of year-end deadline