US oil exports hit record high

US crude oil and petroleum product exports rose by 137,000 barrels per day (bpd) to a record level of 12.88 million bpd, according to a report from the US Energy Information Administration for the week ended April 17.

Average US crude exports are expected to reach 5.44 million bpd this month, with the upward momentum likely to continue into May, reaching 5.48 million bpd, Kpler data showed, noting that global markets seek stable energy alternatives away from conflict zones.

Most US oil tankers have been directed toward Asia, where US exporters supplied about 2.27 million bpd this month. These volumes are expected to surge to 3.29 million bpd in May, a sharp increase compared to January’s average of just 1.11 million bpd.

In the refined products market, the situation remains complex. Asia used to import around 1.5 million bpd of refined oil products from Gulf producers before the conflict, while current US refined product exports to the region amount to only 386,000 bpd, Reuters reported.

Despite rising US supply, Asia’s total oil imports have sharply declined, falling from 24.87 million barrels bpd in February (before the outbreak of the conflict) to an expected 14.8 million bpd this month. This means the Asian market has lost around 10 million bpd in oil supply.