U.S. Petroleum Exports Hit Record Amid Strait of Hormuz Closure
U.S. petroleum exports, including crude and refined products, hit a record 14.179 million barrels a day last week, while crude oil exports alone reached a record 6.4 million barrels a day. The increase came amid a closure of the Strait of Hormuz that pushed buyers in Asia and Europe to secure additional American supply.
A separate analysis of the disruption showed Asian economies were far more exposed than the U.S. India had the highest dependence on Hormuz trade at 5.3% of gross domestic product, followed by South Korea and Malaysia at 4.8% each, compared with a global average of 1.7%. The U.S. and Russia were near the bottom at 0.3% of GDP each.
From the sources (6 posts)
@barnes_lawRT @zerohedge: US oil exports soared to a record 6.4 million barrels last week. Out of the US SPR... and to foreign buyers
@globalmktobserv‼️Not all economies are affected by the Strait of Hormuz closure equally: India is the most exposed nation, with Hormuz trade representing 5.3% of its GDP, followed by South Korea and Malaysia at 4.8% each, according to @econovisuals analy
@staunovoRT @staunovo: US petroleum exports (crude, refined products) hit record 14.179mbpd last week #oott
@joshyoungHow high can US oil exports go?
@joshyoungI think booming US oil exports will drag WTI oil prices much higher:
@joshyoung@4thTroglodyte @siriuslybs In fairness, it is not commonly known that we don't actually know how much oil the US can export now. But it seems like we're in the process of finding out! 📈