Oil prices stabilised on Tuesday, after falling to a three-week low in the previous session, on a stronger U.S. dollar, a darkening global macroeconomic outlook and mixed supply signals.
The Biden administration announced plans last week to expand the Gulf of Mexico waters available to oil and gas drilling as part of the new five-year leasing plan that will take effect in 2024.
U.S. petroleum product exports totaled nearly 6.0 million barrels per day (b/d) in the first half of 2023, 2% more than during the same period in 2022. The first half of 2023 saw the most U.S. petroleum product exports during the first six months of any year in our Petroleum Supply Monthly data, which date back to 1981.