EnergyWatch

North Sea oil squeezed as US ships crude like never before

Crude oil exports from the US are reaching record volumes, especially to Asia, and this has negative consequences for North Sea oil.

As crude oil gushes out of the US 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 US 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.

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