America becomes a “major exporter” of oil for the first time since World War II

Reuters reported on Thursday that America has become a “major exporter” of oil for the first time since World War I due to events in the Middle East and disruptions to crude supplies through the Strait of Hormuz.

Reuters reported that the United States almost became a net exporter of crude oil last week for the first time since World War II, as shipments jumped to near-record highs to meet demand from Asian and European buyers rushing to make up for Middle East supplies disrupted by the Iran war.

The war being waged by the United States and Israel against Iran has led to the biggest ever disruption in the global energy market, and Iranian threats to maritime navigation have blocked about one-fifth of the world’s oil and gas supplies from passing through the Strait of Hormuz.

Asian and European refiners that had relied on supplies from the region scrambled to find alternative shipments from anywhere possible, leading to a sharp increase in demand for oil from the United States, the world’s largest producer.

Analysts and traders say the United States is rapidly approaching its maximum export capacity.

Net crude imports, or the difference between imports and exports, fell to 66,000 barrels per day last week, the lowest level recorded in weekly data going back to 2001, according to U.S. government data released Wednesday.

Exports rose to 5.2 million barrels per day, the highest level in seven months.

According to the data, the United States has not been a net exporter of crude oil since 1943, on an annual basis.

Countries such as Greece have purchased American crude oil for the first time ever in the past few months.

Kepler ship-tracking data shows a tanker carrying 500,000 barrels of crude oil is en route to Türkiye, marking the first U.S. export to that country in at least a year.

Meanwhile, imports to the United States fell by more than 1 million barrels per day to 5.3 million barrels per day last week. The United States still imports a significant amount of crude oil because its refineries are designed to process heavier crudes than the light sweet crude it produces.

Matt Smith, an analyst at Kpler, predicted that US exports would reach approximately 5.2 million barrels per day in April.

Traders and analysts say the United States could export up to six million barrels per day, citing limited pipeline capacity and tanker availability.

Shafaq.com