Let’s rewind the clock by one year. WTI was nestled comfortably at $52/barrel, crude exports were booming, and there were over half a dozen projects intent on building export terminals capable of handling Very Large Crude Carriers (VLCCs). Today, WTI is on the wrong side of $40/barrel (and after considerable U.S. production cuts), crude exports are flat or even declining, and nearly every proposed VLCC-capable terminal is facing severe difficulties. Where do crude exports go from here? This article will explore why and where the United States exports crude, why VLCC-capable terminals are important, and which terminals are competitively positioned in the post-COVID environment.

Why the U.S. exports crude The United States is a net importer of crude, but also the world’s