Boom-times for US refiners as output increases by 49%
Over the past five years, US crude oil production has increased by more than the entire output of Nigeria
Escalating production of “tight” (mainly shale) crudes has raised US oil output by 2.5 million barrels a day (b/d), or 49%, since its low-point of 2008 – but exports of crude are heavily restricted by federal law. Consequently the new production is being pushed through US refineries, and the products exported. The refinery business is booming and capacity is being expanded. The story gets better, because rising US oil production has depressed the prices of key US crudes, while prices for internationally-traded crudes, most often based on the Brent price, have remained resolutely high. Benefiting from less-costly crude – and also from less-costly gas, for refinery fuel – the US refiners have
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
