Crude Exporters Navigate Gulf Coast Terminal Constraints
U.S. crude exports out of the Gulf Coast averaged more than 2.4 MMb/d in the first four months of 2019 — using infrastructure that is increasingly constrained by a lack of deepwater ports. U.S. crude is reaching destinations worldwide, with large volumes traveling long distances to Asia on gargantuan 2-MMbbl vessels — Very Large Crude Carriers (VLCCs) — loaded offshore by ship-to-ship transfer. Shipments to Europe are primarily
OPEC’s Battle for Control of the Oil Market
Oil supply is confounding expectations. At Wood Mackenzie, we have just raised our forecasts for non-OPEC production, the latest in a series of incremental increases.
Cumulatively, we’ve increased volumes for 2025 by an astonishing 9 million barrels per day (b/d) compared with our forecasts in 2016, the oil price nadir. Non-OPEC supply has already bounced from the 2016 low of 54 million b/d and will touch 60 million b/d this year