Global crude markets are changing at an unprecedented pace. Across all key oil-producing regions, markets look vastly different today than they did even three years ago, and it has become increasingly clear to participants that the industry itself is in a period of great flux. Most notably, these changes can be traced back to two primary events: the shale oil revolution in the United States and the subsequent lifting of the effective export ban and, on the other side of the world, China’s continual and growing demand for crude oil. As a result, the crude markets – historically defined by flows that moved largely in one direction “have seen the development of […]