Oil Trader Vitol Sees `a Lot More' Growth in U.S. Crude Exports
- Vitol Americas head sees plenty of Permian oil going abroad
- U.S. crude shipments overseas reached record in February
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Vitol Group BV, the trader that shipped the first cargo of U.S. crude after export restrictions ended in late 2015, predicts the country’s oil exports will grow “a lot more” because of rising production in Texas.
U.S. crude shipments briefly surged to a record 1.21 million barrels a day in mid-February, up from 32,000 in 2010, when most of the country’s production couldn’t be sold overseas because of a 40-year-old ban.