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US crude oil production is booming, reeling in a record-high number of supertankers to fill up at the Gulf Coast for export to markets around the world.
According to data compiled by Bloomberg, 48 vessels are bound for the US in the next three months — the most in at least six years.
That comes as top OPEC+ producers Saudi Arabia and Russia have been slashing production to inflate oil prices. Then last month, possible spillover effects of the Israel-Hamas war has had traders biting their nails over the risk of increased tightness in oil production.
Meanwhile, US crude production hit an all-time high of 13.2 million barrels a day last month, and exports are at the highest levels since restrictions were lifted in 2015.
According to a report from the Energy Information Administration in October, US oil exports clocked in around 3.99 million barrels per day for the first half of 2023.
An analyst who spoke with Bloomberg said that shipments from the US Gulf Coast are expected to rise to 4.1 million barrels a day next month, 100,000 barrels more than December last year.
The US has been exporting more of its "light, sweet" crude oil overseas, keeping the heavier grades for use back home.
The EIA report from last month pointed out that the US still imports more oil than it exports. Even though US crude oil production is booming, many US refineries are built to work with "heavy, sour" crude oil.
