U.S. crude exports hit record in May

U.S. crude oil exports rose to an unprecedented level of 5.6 million barrels per day in May, driven by increased demand from Asian and European refineries following the war that began in February between the United States and Iran. The exports surpassed the previous record of 5.2 million barrels per day set in April, as American crude—being cheaper than Brent—became more attractive to foreign buyers. Asia maintained its position as the largest importer for the second consecutive month, followed by Europe, amid a decline in U.S. crude prices compared to Brent crude.

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