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Free AccessUSGC Exports Surging in Late 2023: Reuters
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.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.