US, net oil exporter - For the first time since World War II, as a result of the war with Iran
The United States became a net exporter of crude oil last week for the first time since World War II, as shipments rose near a record high to meet demand from Asian and European buyers trying to replace Middle Eastern supplies disrupted by the Iran war.
Refiners in Asia and Europe that depend on these supplies have been buying alternative cargoes from wherever they can, sharply increasing demand for oil from the United States, the world's largest producer. However, analysts and traders say the United States is rapidly approaching its export capacity.
Net crude oil imports, or the difference between imports and exports, narrowed to 66,000 barrels per day last week, the lowest ever recorded in weekly records dating back to 2001, according to U.S. government data released Wednesday, while exports rose to 5.2 million barrels per day, the highest in seven months. On an annualized basis, the U.S. was a net exporter of crude for the last time in 1943, the data showed.
The surge in U.S. crude exports is evidence that Atlantic Basin and Asian buyers are seeking more available supplies, with regional oil price swings offsetting transportation costs. Countries such as Greece have been buying U.S. crude for the first time in recent months.
About 2.4 million barrels a day, or about 47% of U.S. exports last week, sailed to Europe, according to ship-tracking service Kpler. About 1.49 million barrels a day, or about 37%, headed to Asia, up from 30% a year earlier. Top buyers included the Netherlands, Japan, France, Germany and South Korea.
Meanwhile, U.S. imports fell by more than 1 million barrels per day to 5.3 million barrels per day last week. The U.S. still imports much of its crude oil, as its refineries are designed to handle heavier, sourer grades of oil rather than the light, sweet crude it produces.
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