Stories

U.S. could hit crude oil export milestone after Saudi attacks

An oil rig sits in the water.
Photo: OZAN KOSE/AFP/Getty Images

One spillover from the aerial attacks against Saudi facilities: It could help propel U.S. crude exports to fresh highs and maybe even lift them to the 4 million barrels per day mark, S&P Global Platts reports.

Why it matters: U.S. crude exports have gone well over 3 mbd at times over the last year, but hitting 4 mbd — while just a number — would reinforce how the U.S. has become a major player in export markets.

  • Per Platts, U.S. crude exports averaged 2.9 mbd in the first half of 2019, compared to 1.8 mbd in the first half of 2018.

What they're saying: Sandy Fielden, oil research director at Morningstar, tells Platts that the time needed to fully restore Saudi shipments means "the market call on the U.S. will increase because the U.S. is effectively the marginal supplier."