Riding the U.S. Crude Oil Export Wave

18 May 2018; 

In December 2015, president Obama lifted the ban on U.S. crude oil exports, which had been in place since the 1970s.  The immediate impact was muted because oil prices were in freefall and U.S. crude oil production was in a downward spiral as a result.  The challenging markets forced the U.S. oil industry to become more efficient and lower its breakeven prices.  As a result, U.S. producers were well positioned for growth when oil prices staged a recovery after OPEC cut oil production, although few people expected that tight oil production would expand this much so quickly.  In this weeks’ Tanker Opinion, we will try to analyze what the net impact on the tanker market has been of this rapid increase in U.S. production and exports.

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