US crude output is down by over 2mn b/d since March (MEES, 29 May). But so far the effect on crude trade has been relatively muted, with domestic demand also sharply down. Crude exports have largely remained above 3mn b/d, including a monthly record 3.71mn b/d for February and 3.19mn b/d for the most recent data for the week to 22 May.
The data so far show no sign of crude exports falling, with Reuters this week reporting a flurry of new tanker fixtures to Asia for June-loading cargoes. But this month’s modest recovery in domestic US demand, just as US output curtailments hit their nadir, has seen a fall in oil products exports with the US set to again become a net oil importer for the first time since last August (see chart). (CONTINUED - 386 WORDS)
