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US Gulf Crude Exports Dented by European Maintenance in April

OIL

Global crude exports were hit in April by a slowdown in barrels leaving the US Gulf – denting a major contributor for global markets this year.

  • Shipments from the US Gulf dropped by 747,000 bpd to reach 3.51 mn bpd in April. Global oil exports would have seen a small gain if US Gulf exports had held up.
  • WTI out of the US has been one of the key factors countering OPEC+ cuts, keeping a cap on oil price gains.
  • US Gulf exports have been hit by maintenance season across European refineries which is now easing from a peak in mid-April.

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