Iran conflict boosts US oil exports
U.S. oil exports reached a record high of 5.6 million barrels per day in May due to global supply disruptions caused by the war between Iran, Israel, and the United States, as well as compensating for supply shortages in the Middle East. China, Japan, and Europe were the leading importers, with Japan relying heavily on American oil, supported in part by the U.S. Strategic Petroleum Reserve. Export levels are expected to decline in June and July as concerns decrease and domestic storage increases.
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