Texas Deepwater Oil Export Projects Stall

Four projects were planned offshore Texas before multiple crises hit the industry in the 2020s and changed trade oil flows.
The first approval of a Texas deepwater port came earlier this month when the United States Maritime Administration (MARAD) issued the deepwater port license for the Sea Port Oil Terminal.
EIA: the Netherlands received more U.S. crude oil exports than any other country in 2023, averaging 652,000 bpd.

Sanctions Begin To Bite Into Russian Oil Exports

The tightening sanctions on Russia’s oil exports are raising freight costs for moving Russian crude.
Argus has estimated that shipping a barrel of Russian crude from a port in the Baltic Sea to China has cost around $14.50 since December.
The U.S. levied new sanctions against Russia last month on the second anniversary of the Russian invasion of Ukraine and in response to the death of opposition politician Alexey Navalny.

U.S. Gas Producer Optimistic Despite Very Low Natural Gas Prices

U.S. domestic producers continue to be optimistic about the long-term prospects of gas as a fuel.
This month, the spot natural gas prices at the Waha hub in West Texas, in the Permian, have been negative, sinking to as low as -$1.16 per million British thermal units.
U.S. natural gas producers and pipeline operators acknowledge there is an oversupply hanging over the market, but they believe that gas will continue to be in demand domestically and internationally for decades to come.

How Fracking Helped the U.S. Become the World’s Top Oil Producer

Over the last decade, the US has become the top producer of crude oil globally, thanks in part to hydraulic fracturing in shale formations.
The US overtook Saudi Arabia and Russia in oil production in 2018, accounting for 14.7% of global crude oil production in 2022.
Despite leading in production, the US still trails in remaining proven reserves underground, ranking seventh globally behind countries like Venezuela and Saudi Arabia.