•  The US imported 7.90mn b/d of crude in December, the highest volume since September 2013. For 2015 as a whole volumes at 7.35mn b/d were little-changed from 2014’s 20-year low, but they rose strongly late in the year after the December lifting of a 40-year old ban on seaborne crude exports.

•  This has led to the US exporting increasing volumes of light sweet crude – 2015 exports of 458,000 b/d were the highest ever (see graph 1) – with its...