US rushes to fill global oil supply gap as exports reach record high
The United States exported oil at a record level in April, averaging 5.3 million barrels per day, to fill a global supply gap amid the Iran war. Despite drawing down the country's strategic petroleum reserves, oil and gas prices remained elevated, with Brent crude oil trading above $100 a barrel.
The United States exported oil at a record level in April, averaging 5.3 million barrels per day. The week ending April 24 saw exports spike to 6.4 million barrels per day. The surge in U.S. exports is a response to the supply disruption caused by Iran's closure of the Strait of Hormuz following U.S. and Israeli strikes on the country starting February 28. The world has lost 13 million barrels per day from the Middle East for over two months due to the war. The U.S. has exported over 280 million barrels over nine weeks, drawing down the country's strategic petroleum reserves. As of May 1, the reserves stood at about 392 million barrels.
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