U.S. crude oil exports hit record high in May

U.S. crude oil exports rose to an unprecedented level in May, reaching 5.6 million barrels per day, as demand from Asian and European refineries increased following the Iran war in February. The exports surpassed the previous record of 5.2 million barrels per day set in April, amid foreign buyers' preference for West Texas Intermediate crude offered at a significant discount. Export focus was largely concentrated on Asia, which remained the largest importer, followed by Europe.

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