Exports have shrunk from over 2.5 million bbl/d since the U.S. withdrew from a nuclear deal with Iran and reimposed sanctions in 2018. Still, Iran has been working to get around the measures and keep exports flowing.
The view stands in contrast to that of rival BP Plc, which sees the coronavirus pandemic leaving a lasting effect on global energy demand, though ConocoPhillips still expects "quite a bit of uncertainty next year."
The revitalized terminal is not only expected to connect the Port of Calhoun to both the Eagle Ford and Permian basins but also create more than 1,000 jobs in the Lone Star State, Max Midstream President Todd Edwards says.
Authorities in the United States and Brazil are investigating improper payments to officials at Petrobras, Brazil's state-run oil company, as part of Brazil's far-reaching corruption probe, known as Car Wash.
Survey results said 66% of 154 oil and gas firm executives contacted by the Dallas Fed this month believe U.S. crude oil production has peaked. The survey includes executives from Texas, Louisiana and New Mexico.
Crude oil production slipped to 10.7 million bbl/d, down in part due to storm activity that closed offshore drilling sites in the U.S. Gulf of Mexico.
Vessel-tracking and port data compiled by Refinitiv indicates China will import 867,300 bbl/d of U.S. crude oil in September, exceeding 653,870 bbl/d in August and 693,500 bbl/d in July.
OPEC member Libya is exempt from cutting oil output under a deal by OPEC and allies, known as OPEC+. A restart in Libya supply could force other producers to make further reductions to support prices.