US Exports Go Astray

摘要

This was supposed to be the year the US emerged as a consistent net exporter of all petroleum liquids. But the world, it appears, had dramatically different plans. A price war between Russia and Saudi Arabia amid a pandemic pushed global oil demand off a cliff, beginning with China, the largest foreign market for US crude. And now, on top of fears of a second wave of infections and scenes of violent civil unrest in the world's largest economy, the disease has spread to the largest foreign market for US products, Latin America. Such export constraints are happening even as Saudi tankers begin to discharge their cargo in Texas and Louisiana.