EnergyWatch

European refineries first in line for US shale boom

The US is on its way to becoming the biggest oil nation in the world in 2023, but the country's refineries do not have the capacity to handle the many new barrels of oil. Europe in particular could become a major buyer of US shale oil, says Wood Mackenzie.

Tanker carriers freighting crude oil to the world's refineries can look forward to rising traffic across the Atlantic as US production of shale oil grows.

According to analyst firm Wood Mackenzie, the US is on its way to becoming one of the world's five largest oil nations in the early 2020s. With expected production of more than 11 million barrels per day in 2023, the US would be the world's biggest oil producer at that time.

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