The United States exported a record 3.8 million bpd of crude in late June after Congress lifted a 40-year export ban in late 2015. Soaring Permian crude output last year exceeded available pipeline space, creating a West Texas glut that knocked regional prices to the lowest levels in four years and helped spur a pipeline construction boom.
The start-up of three new pipelines by year-end from the Permian Basin was expected to bring about 2 million new barrels per day to export terminals around Corpus Christi.
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Source: The Mighty 790 KFGO