US crude and fuel exports reaching new highs
WTI's persistent discount to Brent has drawn record levels of American oil onto international markets
American producers and refiners are throwing their weight around international oil markets. Continental Resources announced this week that it had reached a deal to sell 1m barrels of light oil produced in the Bakken to customers in China in November, the latest sign of US crude's growing presence around the world. US crude exports surged over the first ten and a half months of this year, and especially in recent weeks. Oil exports have averaged 0.85m barrels a day through mid-October this year, compared to 481,000 in 2016. The pace of exports has been supercharged over the past four weeks, averaging 1.6m b/d, easily the briskest period for US oil exports ever. Hurricane Harvey wrought havoc
Also in this section
24 January 2025
Domestic companies in Nigeria and other African jurisdictions are buying assets from existing majors they view as more likely to deliver production upside under their stewardship
23 January 2025
The end of transit, though widely anticipated, leaves Europe paying a third more for gas than a year ago and greatly exposed to supply shocks
23 January 2025
The country’s government and E&P companies are leaving no stone unturned in their quest to increase domestic crude output as BP–ONGC tie-up leads the way
22 January 2025
The return of Donald Trump gives further evidence of ‘big oil’ as an investable asset, with the only question being whether anyone is really surprised
