Since the lifting of the crude export ban in late 2015, US crude exports have grown rapidly. In Q3 2017 they reached a high of 2.1 million b/d, and given the ramp up in US onshore crude production expected over the next five years, exports are forecast to approach 4 million b/d by the mid-2020s. This in-depth study examines the key questions raised by this tectonic shift in the global oil market. -How much of the ramp up in US crude will be consumed by US refiners, and how much will need to clear into the global market via export? -What markets are likely to see the most significant inflows of US tight oil crude? -What crudes will get displaced and what discounts will be required for US crudes to compete?