US Oil Exports Plummet as Iran Deal Floods Global Market

US oil exports have plummeted to their lowest level in eight months, down from a peak of 5.7 million barrels per day in May to just 3.66 million bpd in July.

The decline is largely attributed to the recent US-Iran memorandum, which opened up the Strait of Hormuz to increased tanker traffic and flooded the market with Middle Eastern crude.

Asian buyers, who previously accounted for over half of US crude exports, pulled back sharply, with shipments to Japan dropping by 67% month-over-month in July.

Europe also reduced its imports from the US, taking just 1.7 million bpd in July compared to 2.5 million bpd in May.