US has become world leader in oil exports amid Iran war

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The U.S. has exported about 250 million barrels of oil over the past nine weeks, taking advantage of supply disruptions from the Middle East, according to Oil Capital. Daily exports reached a record 6.44 million barrels in the week ended April 24, according to the U.S. Department of Energy.

The increase in U.S. supplies coincided with the restriction of exports from the Persian Gulf countries after the closure of the Strait of Hormuz, one of the key routes for global oil trade. As a result, importers began to quickly reorient to alternative sources of raw materials.

Saudi Arabia, the largest oil exporter in the region, had to redirect flows through the Red Sea infrastructure. The main alternative has become the East-West pipeline, through which oil is transported to the port of Yanbu. However, some of the volumes are consumed domestically and export capacity remains limited. As a result, the kingdom’s supply has been reduced to about 5 million bpd compared to more than 7 million before the crisis.

Despite record export volumes, the U.S. oil industry faces domestic constraints. Commercial oil and fuel inventories declined for the fourth consecutive week and fell below multi-year averages.

An additional factor remains the state of the Strategic Petroleum Reserve (SPR), which by the end of April amounted to about 398 million barrels with a design capacity of over 700 million. This limits the ability of the US to smooth out domestic price fluctuations.

Logistics is also a constraint. Theoretically, the export potential is estimated at up to 10 million barrels per day, but the actual capacity is limited by infrastructure and tanker fleet – at the level of 6-7 million barrels.

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