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
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
