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U.S. crude oil exports are expected to hit a record high in April, as the number of idle tankers in Asia surges to 68 ships

GateNews
Gate News message. April 9. Due to disruptions to Middle East oil supply caused by the Iran war, Asian customers are rushing to find alternative suppliers, and U.S. crude oil export volumes are expected to hit a record high in April. Oil research firm Kpler estimates that this month U.S. exports will jump by nearly one-third from March’s 3.9 million barrels per day to 5.2 million barrels per day. Demand from Asian customers will rise 82%, to 2.5 million barrels per day. Data show that currently, 68 empty oil tankers are heading to the United States, compared with 24 tankers one week before the war broke out on February 28, and with an average of 27 tankers last year. The surge in exports highlights the growing importance of the United States as a global “swing supplier” (i.e., a role that quickly adjusts supply when market supply and demand are out of balance), but competition from Asia could also push up U.S. domestic oil prices, deepening concerns about a new round of inflation triggered by the Iran war. The Trump administration currently does not plan to ban oil exports, because analysts believe that banning exports would leave U.S. crude unsold and lead refineries to cut production. But some views warn that if Middle East turmoil caused by the war continues to drive up fuel costs as the midterm elections in mid-November approach, the White House may change its stance.
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