Media: U.S. oil exports rise to record 5.2 million barrels per day in April

According to the Consumer News and Business Channel (CNBC), citing data from market analytics firm Kpler, U.S. oil exports surged to a record high of 5.2 million barrels per day in April, amid the Middle East crisis.

The report states: "In April, U.S. oil exports jumped to 5.2 million barrels per day, an increase of over 30% compared to the pre-war level of 3.9 million barrels per day in February."

Based on published statistics, this marks a new record since 2017. According to Kpler’s data, between 50 and 60 large oil tankers arrive at U.S. ports daily—double the number from the same period last year.

The report notes: "Many of these tankers originate from Asian countries that previously imported oil from the Middle East… Now, they are redirecting to the U.S. Gulf Coast, as trade routes through the Strait of Hormuz to the Persian Gulf have been firmly closed."

Experts point out that U.S. crude is lower in quality than Middle Eastern crude, making it unsuitable for replacing Middle Eastern oil in refineries specifically designed to process Middle Eastern crude.

The report adds: "Moreover, due to shipping capacity constraints, U.S. oil export volumes may face an upper limit slightly above 5 million barrels per day."

Bloomberg cited unnamed market participants who said short-term shipping capacity could reach up to 7 million barrels per day, though actual levels are currently around 6 million barrels per day.

Bloomberg notes: "Besides, the growth in exports comes at the expense of domestic inventories. Over the past four weeks, total U.S. crude and refined product inventories have declined continuously, totaling a reduction of 52 million barrels."

Experts expect U.S. inventories to shrink further as long as actions targeting Iran continue. Meanwhile, domestic fuel prices in the United States keep rising. Experts warn that active oil exports could further drive up oil prices.

Source: sputniknews

Original article: toutiao.com/article/1864279968507977/

Disclaimer: The views expressed in this article are those of the author(s) alone.