The Next Wave
More U.S. crude oil exports likely in 2023
The year 2022 was a perfect storm for U.S. crude oil exports. U.S. production increased, there was ample export infrastructure in the U.S. Gulf and customer demand (in particular from Europe) was high due to the sanctions imposed on Russian exports. On top of this, the U.S. government announced and executed the largest release from the Strategic Petroleum Reserve (SPR) in history. Over a period of six months, 180 million barrels of crude was released (equivalent to 1 Mb/d), much of which ended up in the export markets. In addition to the impact this had on the oil markets, the tanker sector benefited from this wave of crude as well.
In this week’s Tanker Opinion, we discuss these developments of 2022 in more detail, and we are looking forward to see what the outlook is for U.S. Gulf crude oil exports in 2023.
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