Previously, we reported that U.S. oil production has maintained its upward trajectory in the current year even as oil prices have remained depressed. And now commodity experts have reported that global crude exports are repeatedly taking out new highs. Global energy consultant FGE estimates that global crude exports increased by 0.7 million barrels per day in September from August levels to 40.4 mmb/d, a slight uptick from August’s 0.6 mmb/d m-o-m gain. Further, the analysts see the Asian market flipping into contango with Asia’s appetite for crude waning and OPEC+ production unwinds, contributing to length in global crude balances. StanChart notes that U.S. supply has hit an all-time high in the current year, but is predicting that producers will be forced to cut output due to prevailing low oil prices.