North Sea Oil Squeezed as U.S. Ships Crude Like Never Before
- European market faces influx of crude from across the Atlantic
- At the same time, U.S. crude is now competing for Asian buyers
U.S. Exports Jump to a Record, Oct. 5
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As crude oil gushes out of the U.S. like never before, it looks increasingly like North Sea oil will suffer collateral damage.
America exported a record high 1.98 million barrels a day of crude in the week ended Sept. 29, equal to the crude that normally gets shipped every day in the North Sea. Much of the U.S. outflow is going to Asia, which has become increasingly important in recent years in determining North Sea oil prices, effectively sandwiching Brent crude between bearish forces.