OPEC Cut Addresses Only Part of U.S. Net Import Decline — Panjiva


OPEC Cut Addresses Only Part of U.S. Net Import Decline

China 1758 Energy - Conventional 272 Energy - Crude Oil 194 Tariffs 1169 U.S. 3297

The latest OPEC meeting has agreed to cut global oil supplies by 1.2 million barrels per day (mbpd), or 2.3%, across both OPEC and cooperating partners. That’s had a negligible impact on prices that had previously fallen by 31.1% since their Oct. 4 peak. One reason for the need for a cut in production has been a decline in U.S. net imports to 3.7 mbpd in October from 5.2 mpbd in 2017 on average. U.S. export growth has slowed recently due to the absence of demand from China which has been the result of the application of retaliatory duties, though total exports still climbed 34.3% to 2.3 ...

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