Pipeline developers are shifting away from new crude oil projects in favor of natural gas pipeline and export terminals, reports Reuters.
Demand for natural gas is expected to grow in the coming years as European countries search for an alternative to Russian gas, and Asian countries continue to boost imports of LNG.
Currently, crude oil pipeline capacity exceeds production, with 8 million barrels per day of Permian crude pipeline capacity and less than 5.5 million bpd of production.