The US this month will again be the world’s largest oil consumer, but also a net petroleum exporter for this first time, a historic shift that may complicate international requirements for emergency oil stocks. For decades, the International Energy Agency has required member countries to hold 90 days of petroleum import cover. As the world’s leading importer of oil, the US has traditionally held the largest amount of emergency stocks. But as net imports have declined, the amount of import cover the US has in both government and commercial stocks, have risen to multiple times beyond that 90 day requirement. In July, for example, the US held 278 days worth of petroleum import cover in government stocks and 429 days worth in commercial stocks, according to […]