The US DOI now reports that domestic crude production could surge to 14 MMbpd by 2020. U.S. crude oil exports have soared due to a combination of: rising domestic crude oil production high but flat domestic demand a law change in December 2015 that allowed sales beyond just neighbor Canada Since the shale revolution started in 2008, U.S. crude production has increased almost 125 percent to around 11.2 million barrels per day (MMbpd). Yet, this light, tight oil boom has not been a great match for the massive 18.6 MMbpd U.S. refining system. U.S. refineries are generally configured to process the heavier crudes imported from longtime suppliers Canada, Mexico and Venezuela. So today, 65 percent of U.S. crude oil production has a very high 40 degree API gravity or above. This has left huge amounts of surplus shale oil available for export. This mismatch between what the U.S. is […]