Crude oil has started flowing through a new US pipeline, transporting it from the Permian Basin to Corpus Christi, Texas.
Trafigura Trading started moving its product through the Cactus II Pipeline system, which has the capacity to transport 670,000 bbl/d of crude oil.
The move follows a long-term volume commitment by Trafigura in 2018 and represents the initial commercial service of Cactus II, with its deliveries connecting to an export service to Europe and beyond, according to a statement by the company.
Kevin Jebbitt, head of crude trading for Trafigura, said: “Trafigura is at the forefront of connecting the American barrel to the global market. Thanks to our worldwide network, we can demonstrate to US producers a unique ability to place barrels with end customers around the world, from the Mediterranean to the Far East. WTI is fast becoming a global benchmark again, having shown its relevance to the physical markets.”
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