Global oil markets are being roiled by COVID-19 and ongoing OPEC discipline issues. A drop in U.S. demand relating to reduced driving during the COVID-19 lockdown has reduced the attractions of the market to exports, with shipments from Saudi Arabia to the U.S. representing just 0.8% of the total in the 12 months to May 31 from 3.0% in 2017. Shipments from Mexico and Canada meanwhile have increased to 28.5% of the total from 19.6% in 2017. The implementation of USMCA from July 1 may be a complicating factor with potential challenges under the agreement to the Mexican government’s support...