The US near-net crude exporter milestone is coming into view as the Iran war continues to disrupt global energy flows. New weekly data shows U.S. net crude imports fell to just 66,000 barrels per day, while exports climbed to 5.2 million barrels per day, the highest level in seven months.
That sharp shift reflects intense demand from buyers in Europe and Asia, where refiners are scrambling to replace supplies affected by the crisis around the Strait of Hormuz. As a result, American crude has become more attractive in a market facing major supply strain.
The war involving the U.S., Israel and Iran has triggered an unprecedented disruption in global energy trade. Iranian threats to shipping have interrupted flows through the Strait of Hormuz, a route that normally handles around a fifth of the world’s oil and gas supplies.
Refiners in Asia and Europe have responded by buying alternative cargoes from the United States, the world’s largest oil producer. That has sharply boosted U.S. exports and narrowed the gap between imports and exports to the lowest weekly level on record since the data series began in 2001.
Nearly half of U.S. crude exports last week, about 2.4 million barrels per day, went to Europe. Another 1.49 million barrels per day, or around 37%, was headed to Asia, up from 30% a year earlier.
Top buyers included the Netherlands, Japan, France, Germany and South Korea. Greece has recently bought U.S. crude, while one vessel carrying 500,000 barrels appeared to be heading to Turkey, potentially marking the first U.S. crude shipment there in at least a year.
Why U.S. Oil Looks More Attractive Now
The disruption in Middle East supplies has widened the Brent crude premium over West Texas Intermediate to as much as $20.69 per barrel. That spread has reduced U.S. appetite for imports while making American oil more competitive for overseas buyers.
Read: Oil Prices Surge Above $100 as US-Iran Talks Stall
At the same time, imports into the U.S. fell by more than 1 million barrels per day to 5.3 million barrels per day. Even so, the country still imports crude because many U.S. refineries are built to process heavier, more sour grades than the light, sweet crude produced domestically.
U.S. exports are now approaching practical limits. The country can export around 6 million barrels per day, but pipeline capacity, port infrastructure and vessel availability remain major constraints.
The weekly export figure of 5.2 million barrels per day is already close to that ceiling. Around 80 empty supertankers were heading toward the Gulf of Mexico to load crude over April and May, highlighting how tight logistics have become.
