Crude producers struggling with takeaway constraints might need to get used to the pain.

Getting the oil out of the basins isn’t enough—it’s all about market access. The infrastructure must be in place to move oil out of basins to coastal terminals for export, a Wood Mackenzie analyst told executives at the recent NAPE business conference. Until that happens, both commodity prices and M&A deal economics will suffer.

“The U.S. is really focused on hydrocarbon exports in general, especially in the crude space,” said John Coleman, Wood Mac’s senior analyst for North American crude oil markets. “If you’re looking to purchase an asset … the thinking needs to be on a global basis, not a regional basis, as your crude is going to be placed likely into an export market and has to be priced accordingly.”

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