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
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
