US crude and fuel exports reaching new highs
WTI's persistent discount to Brent has drawn record levels of American oil onto international markets
American producers and refiners are throwing their weight around international oil markets. Continental Resources announced this week that it had reached a deal to sell 1m barrels of light oil produced in the Bakken to customers in China in November, the latest sign of US crude's growing presence around the world. US crude exports surged over the first ten and a half months of this year, and especially in recent weeks. Oil exports have averaged 0.85m barrels a day through mid-October this year, compared to 481,000 in 2016. The pace of exports has been supercharged over the past four weeks, averaging 1.6m b/d, easily the briskest period for US oil exports ever. Hurricane Harvey wrought havoc
Also in this section
18 November 2024
The company is on track to boost import terminal capacity by 40% in three years, CEO Akshay Kumar Singh tells Petroleum Economist
15 November 2024
With Chevron and AIM-listed Challenger Energy having completed their Uruguayan farm-out deal, Challenger CEO Eytan Uliel updates Petroleum Economist on the firm's progress in the frontier basin
14 November 2024
The country is seeking to secure its position as a major global refiner and meet rising domestic requirements
13 November 2024
IOCs are focused on the next wave of exploration activity in Namibia and are keen to learn from one another’s results
