US exports hit record high as Middle East war blocks Persian Gulf supply
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US exports hit record high as Middle East war blocks Persian Gulf supply
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US crude exports have hit record high in April as buyers looked far afield to replace barrels that have been blocked by the Middle East war and the effective closure of the Strait of Hormuz. The surge in demand has been a boon for US suppliers, and there has been a scramble to overcome infrastructure constraints in order to push exports even higher. With Persian Gulf supply unlikely to return at pre-war levels anytime soon, are markets seeing a temporary dislocation or a more durable shift in global crude flows?
In this episode of Platts Oil Markets Podcast by S&P Global Energy, Oil Futures editor Chris van Moessner is joined by Americas oil news editors Binish Azhar and Ashok Dutta, and crude oil price reporter Lucas Casas to discuss what is driving these record exports, their near-term outlook, and how the US midstream and upstream business segments are reacting to this new paradigm.