The war with Iran is pushing the United States toward an unexpected milestone – becoming a net crude exporter for the first time since World War II.
In the week ending April 10, U.S. net crude imports narrowed to just 66,000 barrels per day, as exports jumped to 5.2 million. According to Reuters, it was a seven-month high for exports. Meanwhile, the U.S. has not been an exporter on an annual basis since 1943.
However, the recent shift is not a domestic production story; it is a geopolitical one. With the Strait of Hormuz, a route that handles about a fifth of global oil and gas supply, de facto closed, European and Asian refiners are forced to look elsewhere. Thus, the U.S. has emerged as one of the clearest beneficiaries.
Around 47% of April’s U.S crude exports headed to Europe, while 37% went to Asia – up from 30% a year ago, Kpler ship tracking showed. Top buyers included the Netherlands, Japan, France, Germany, and South Korea. Greece has reportedly bought U.S. crude for the first time in recent months.
“Atlantic Basin and Asian buyers are reaching further out for available supply,” Rystad vice president of oil markets, Janiv Shah, …
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