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USGC Exports Surging in Late 2023: Reuters

OIL

Oil exports out of Texas are surging in the final weeks of 2023, according to Reuters, driven by record production levels and the need to avoid high year-end taxes on inventories.

  • Crude exports from the USGC have averaged 4m b/d in 2023 to date, up around 0.5m b/d on 2022, according to US government data.
  • USGC exports are expected to average 5m b/d in the final two weeks of 2023, Matt Smith, an analyst with ship tracking firm Kpler told Reuters.
  • "Flows bound for Asia are looking to finish the year strongly, particularly for cargoes heading to China," Smith said.
  • Exports are also being accelerated by an end-of-year tax on oil storage in Texas. Those that cannot ship oil abroad will look to move oil to lower tax regions, such as Cushing, Oklahoma.
  • The tax rate in Cushing is around 1%, compared to 2.5-2.75% in Texas.
Energy BulletsCommodities
Energy BulletsCommodities

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