After setting a record in February, U.S. oil exports declined over four consecutive months amid the shocks of the coronavirus pandemic, the U.S. Energy Information Administration (EIA) said.

Demand dropped in March and in the three ensuing months as countries across the globe initiated measures to limit virus outbreaks. With travel and overall activity limited, demand for gasoline needs plummeted and oil followed suit.

EIA estimated that global petroleum demand fell from 100.7 million b/d in the first half of 2019 to 90.0 million b/d in the first half of 2020. U.S. monthly exports set a record monthly high of 3.7 million b/d in February, but then declined steadily and dipped below 3 million b/d in May and June, the most recent month for which final data was available for the EIA...