𝗨𝗦 𝗖𝗿𝘂𝗱𝗲 𝗢𝗶𝗹 𝗘𝘅𝗽𝗼𝗿𝘁𝘀 𝗥𝗲𝗮𝗰𝗵 𝗧𝗼𝗽 𝗚𝗹𝗼𝗯𝗮𝗹 𝗥𝗮𝗻𝗸

𝗨𝗦 𝗖𝗿𝘂𝗱𝗲 𝗢𝗶𝗹 𝗘𝘅𝗽𝗼𝗿𝘁𝘀 𝗥𝗲𝗮𝗰𝗵 𝗧𝗼𝗽 𝗚𝗹𝗼𝗯𝗮𝗹 𝗥𝗮𝗻𝗸

US exports of crude and fuel reached 10.5 million barrels per day in May. This marked the third straight month the United States held the top spot among global oil exporters.

Russia exported 7 million bpd in the same month. Saudi Arabia exported 5.9 million bpd.

One year earlier, Saudi Arabia led with 8.1 million bpd. The US reached 6.6 million bpd. Russia reached 5.8 million bpd.

The shift follows more than 100 days of supply disruptions through the Strait of Hormuz. The conflict began on February 28 when the US and Israel launched joint strikes on Iran. Iran then tightened control of the key passage.

Russian shipments have also faced Ukrainian drone attacks and US sanctions.

The United States lifted a four-decade ban on crude exports in 2015. Output from US shale formations surged after 2010. Since 2000, US crude and liquids output has nearly tripled to 22 million bpd.

Global oil consumption rose from 87 million bpd in 2010 to 104 million bpd last year.

Europe now accounts for 47% of US oil exports, up from 37% in 2021. Asia represented 46% of US oil exports in May, up from 37% last year.

The UAE withdrew from OPEC in May after nearly 60 years.

Michelle Brouhard, head of policy at Kpler, said Washington has gained a new tool through energy exports. She noted the US now holds significant leverage as some countries depend on American energy supplies.