US fuel exports hit record high in March

Demand increased from Europe, Asia, and Africa: Kpler data

US refined petroleum product exports reached an all-time high in March, driven by stronger demand from Europe, Asia, and Africa to offset the sharp supply shortfall following the near-complete closure of the Strait of Hormuz amid the conflict with Iran.

Data from vessel-tracking firm Kpler showed exports of clean petroleum products (gasoline, diesel, jet fuel, and naphtha) rose to about 3.11 million barrels per day (bpd) in March, compared with roughly 2.5 million bpd in February — the highest level since records began in 2017, Reuters reported.

US exports to Europe jumped 27% to 414,000 bpd, while shipments to Asia nearly doubled to 224,000 bpd. Africa recorded the largest increase, surging 169% to 148,000 bpd.

The surge in outbound fuel flows poses a political challenge for US President Donald Trump, as domestic gasoline prices climbed above $4 per gallon for the first time in three years, while diesel prices rose to around $5.50 per gallon, threatening to push up shipping costs and industrial activity.