The presenter who arguably received the best questions at Wednesday’s Crude Oil Quality Association meeting in New Orleans was the US Department of Energy’s economist, Kenneth Vincent. His presentation was part overview, such as the locations of the four salt caverns that hold the more than 700 million barrels of US oil – Texas and Louisiana, and the maximum drawdown capacity – 4.4 million b/d. But there were also some nuggets not found on factsheets such as the how the physical salt caverns are shrinking due to geological pressures and how “distribution issues are a major concern (for the DOE) currently and going forward.” Following the presentation, the overflowing room of oil industry participants had plenty of questions for Vincent. And if they didn’t know the answers, and I didn’t know the answers, I reckon you might be interested too: Q: Are there any restrictions on who you can sell to? Could you export oil anywhere? A: Vincent said since the US oil export ban has been lifted, the office received a legal opinion that it can’t export but it can sell to anyone, who can then export it. Q: Do you look at the type of oil you are storing so that it
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Source: CTRM Center