Most of the new crude oil produced in West Texas’ Permian Basin during the next few years will be shipped from Gulf Coast ports to growing nations in Asia and other regions, according to analytics firm IHS Markit. So while domestic oil consumption is rising only slightly, the foreign demand for U.S. oil is booming, spurred by the 2015 end to a decades-old ban on crude exports. The U.S. today ships out almost 1 million barrels of oil each day compared with about 520,000 barrels in 2016. U.S. oil exports are expected to triple to about 3 million barrels a day by 2025, said Kurt Barrow, a vice president of oil markets for IHS. That oil will be fed primarily by Permian production and shipped from ports in Houston and Corpus Christi.
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Written by Jordan Blum at The Houston Chronicle