The Crude Oil Demand dropped 30% during the Covid lockdown. The global oil demand is back 95%. Since the pandemic began in March 2020 there was a shift in supply dynamics from production cuts to the slowing of production within the U.S. shale oil patch due to the pandemic.
In Q1 and Q2 of 2020, world oil consumption had fallen convincingly below production adjusting the tight relationship that typically exists. The demand shot higher in late Q3. Then suddenly, demand began to rise and outstrip the new, lower levels of supply, but the U.S. had shuttered many wells by then. So, the effect on exports was not easily reversed.
U.S. federal crude export ban was lifted in December 2015, U.S. crude exports went from nothing to a sizable part of the global supply. The United States exported about 8.47 mbpd of petroleum products to about 190 countries and four U.S. territories in 2019.Global consumption of gasoline, diesel and jet fuel are at their highest in more than a year. Domestic gasoline consumption is at its highest in four months. U.S. exports, however, may have a long road ahead.