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
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
