US exports shrug off downturn
Flows out of the Gulf Coast—and their influence on global pricing—are set to rebound further in 2021
Falling US exports, alongside a sharp decline in oil production and a jump in crude storage inventories, were key elements in the extreme price volatility that characterised the second quarter of 2020—as lockdowns in response to the Covid-19 pandemic brought down oil demand and refinery utilisation rates globally. But arbitrage price relationships in the global oil market have adjusted to the ‘new normal’ market fundamentals, becoming less volatile and more stable in the second half of 2020. US crude oil inventories peaked in June 2020 and dropped sharply thereafter, while US crude oil exports recovered in the second half of the year to over 3mn bl/d. US oil production stabilised at 11mn bl/
Also in this section
14 January 2026
Chavez’s socialist reforms boosted state control but pushed knowledge and capital out of the sector, opening the way for the US shale revolution
14 January 2026
Leading economies in the region are using oil and gas revenues to fund mineral strategies and power hyperscale computing
14 January 2026
The South American country offers stable, transparent and high-potential opportunities and is now ready for fresh exploration and partnership
13 January 2026
Across Europe, countries have grappled with balancing ambitious energy transition plans with realities about security of supply
