Americas Seize Opportunity Amid Iran War

The Iran war has triggered a significant shift in global oil trade patterns, with producers across the Americas capturing market share lost by Middle Eastern exporters. Oil production in the region has risen to a record-high average of 11.7 million barrels per day (bpd) so far in 2026, up from 10.3 million bpd in 2025.

The U.S. leads the pack with exports averaging 4.4 million bpd this year, followed by Brazil at 2.5 million bpd. Asia has absorbed much of the additional crude from the Americas, with imports into the continent surging since the Iran war began and on track to reach a record 5.4 million bpd in August.

The growth in oil production across the Americas over the past decade has made this shift possible. The U.S. shale revolution transformed global oil markets, making the U.S. the world's largest producer in 2018, surpassing Saudi Arabia and Russia. Brazil is also expanding its output, driven by giant offshore fields such as Buzios and Bacalhau.