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
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
