US Crude Exports Surge to Record Highs Amid Iran Conflict

US crude oil and fuel exports have surged to record highs in April and May, but even this increase is not enough to offset losses due to the conflict with Iran.

Data compiled by commodity analysts Kpler shows that US crude exports are on track for their two strongest months ever, at 5.44 million barrels per day (bpd) in April and 5.48 million bpd in May.

This represents a significant increase from the pre-war levels of 3.94 million bpd in January and 3.86 million bpd in February.

The majority of these extra crude exports are heading to Asia, where refiners are scrambling for cargoes after the war curtailed Middle Eastern supply due to the closure of the Strait of Hormuz.