Oil from the hottest US shale play has been caught in a bottleneck due to lack of pipeline capacity, but that's about to change. The new infrastructure will allow more US crude to be unleashed onto the world market.
As if stuck in a partially clogged drain, oil from the hottest U.S. shale play has been caught in a bottleneck due to a lack of pipeline capacity.
Citigroup energy analyst Eric Lee said Permian output at just under 4 million barrels a day is up about 1 million barrels from a year ago and should be a million more, or 5 million a day, a year from now, in early 2020. The Permian has benefited from consistent improvements in technology, which increasingly have been capable of extracting more oil from the shale formation.
"We like to say we're exporting champagne and importing beer," said LeBlanc. The U.S., in the past week, imported 7 million barrels a day. Twice in the past several months, weekly data showed the U.S. to be a net exporter of crude and refined products. Exxon said it hoped to reach 1 million barrels per day of oil equivalents in five years, and Chevron said it expects to more than double its output, taking production to 900,000 oil equivalent barrels by the end of 2023.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Oil prices decline as U.S. inventory builds, shale oil weighsOil prices eased on Wednesday as bullish output forecasts by two big U.S. produc...
Consulte Mais informação »
Oil prices slide as economic outlook darkens, U.S. supply surgesOil prices dropped on Friday as clouds gathered over the global economy after th...
Consulte Mais informação »
Oil drops 2 percent as economic outlook weakens, U.S. supply surgesOil prices dropped close to 2 percent on Friday on a worsening global economic o...
Consulte Mais informação »
Oil prices drop as ECB warns on weaker economy, U.S. supply soarsOil prices fell on Friday after the European Central Bank (ECB) warned economic ...
Consulte Mais informação »
Exclusive: Amid rising trade tensions with U.S., India wants to extend Iran oil sanctions waiver - sourcesIndia wants to keep buying Iranian oil at its current level of about 300,000 bar...
Consulte Mais informação »
Oil prices dip as U.S. crude stocks swell amid record productionOil prices eased on Thursday, dragged down by record U.S. crude output and risin...
Consulte Mais informação »
Oil edges up on OPEC cuts, U.S. sanctions against Venezuela and IranOil edged up on Thursday amid ongoing OPEC-led supply cuts and U.S. sanctions ag...
Consulte Mais informação »
Record U.S. Oil And Natural Gas, Falling Methane EmissionsEven with record output, use, and exports, the U.S. oil and gas industry has been lowering methane emissions. This is especially a benefit for natural gas operators because they are providing the U.S. and trading partners our go-to fuel for new energy demand.
Consulte Mais informação »
Oil dips on U.S. stocks build, production outlookOil prices slipped on Wednesday as bullish output forecasts by two big U.S. prod...
Consulte Mais informação »
Shale Companies, Adding Ever More Wells, Threaten Future of U.S. Oil BoomNewer wells drilled close to older wells are generally pumping less oil and gas and could permanently hurt output, leading frackers to cut back on the number of sites planned and forecasts on overall production to be trimmed.
Consulte Mais informação »