US Crude Oil Exports Hit Record High as SPR Reserves Deplete

The US has become a significant player in the global crude oil market, thanks to its record-breaking exports. In May, crude oil exports hit an all-time high of 5.73 million barrels per day (MMb/d), up by 58% from the same period last year.

This surge was largely driven by massive releases from the Strategic Petroleum Reserve (SPR), which were either directly exported or refined and sold as value-added products. The SPR's reserves have been dwindling rapidly, falling to 307.7 million barrels in the week of July 24, a decrease of 107.8 million barrels since the Iran war began.

The US has become a net exporter of crude oil, with exports surpassing imports since 2020. In May, the country's net exports (exports minus imports) reached a new record high of 5.9 million barrels per day. The spike in global prices of crude oil and petroleum products has cranked up US production and export machinery.