US Teeters on Brink of Becoming Net Crude Exporter

The US is on the cusp of becoming a net crude exporter for the first time since World War Two, thanks to a surge in shipments driven by demand from Asian and European buyers scrambling to replace Middle East supplies cut off due to the Iran war.

According to data released by the US government, the country's net imports of crude oil narrowed to 66,000 barrels per day last week, the lowest on record. Meanwhile, exports climbed to a seven-month high of 5.2 million bpd.

The disruption to Middle East supplies has blown out the premium for Brent crude futures over US West Texas Intermediate crude futures to as much as $20.69 a barrel, making US oil more attractive to refiners in Europe and Asia.

However, analysts warn that US exports are nearing capacity limits, with the country able to export as much as 6 million bpd but currently running at around 5.2 million bpd due to limited pipeline capacity and vessel availability.