Permian Basin Oil Headed Overseas

The U.S. is becoming more and more of a competitor with Venezuela and the Middle East when it comes to oil exports. That’s because most of the new crude oil coming out of the Permian Basin in west Texas and southeast New Mexico will be shipped overseas.

The oil will be transferred to Gulf Coast ports then shipped to growing nations in Asia and other regions according to analysts who spoke with the Houston Chronicle.

Those analysts pointed out domestic oil consumption has increased slightly while the foreign demand for U.S. oil is “booming” and the boom was spurred by the end of a decades-old ban on crude exports in 2015.

As of mid-2017, the U.S. exports nearly 1 million barrels of oil a day. A year ago, exports totaled 520,000 barrels of oil.