U.S. crude oil exports climbed to a record 5.6 million barrels per day in May as the U.S.-Israeli war in Iran increased demand for the nation’s oil from Asian and European refiners. Reuters reported Monday, “The U.S. and Israel’s war with Iran triggered the largest-ever disruption to the global energy market with refiners globally scrambling for alternatives to Middle Eastern supply. Around a fifth of the world’s oil and gas supplies passes through the Strait of Hormuz, a key waterway that effectively closed when the war started at the end of February.”
The previous record for U.S. exports was 5.2 million b/d in April, Brussels-based analytics firm Kpler told Reuters.
Exports to Asia and Europe touched record highs in May with Asia taking 2.45 million b/d of the barrels exported to retain its ranking as the top buyer. Europe was a close second at 2.4 million b/d. Reuters said 283,000 b/d came from the U.S. strategic petroleum reserve in May.
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