U.S. Nears Net Oil Exporter Status, Prices Spike

0:00On April 17th last week, the U.S. came super close to becoming a net exporter of crude oil for the first time since World War II. Net imports dropped to just 66,000 barrels per day, the lowest in data going back to 2001. Exports hit 5.2 million barrels per day, the highest in seven months. This shift happened because of massive demand from Asia and Europe. The trigger? The war between the U.S., Israel and Iran shut down about one-fifth of the world's oil and gas flowing through the Strait of Hormuz. Buyers in those regions scrambled for alternatives, turning to American crude, the world's top producer to keep their refineries running. Traders and refiners reacted fast, with new spots like Greece grabbing U.S. oil for the first time ever. Top buyers included the Netherlands, Japan, France, Germany and South Korea. Even a ship with 500,000 barrels headed to Turkey, marking the first export there in at least a year. U.S. imports fell by over 1 million barrels per day to 5.3 million.

1:04Analysts say exports are testing the ceiling around 6 million barrels per day, limited by pipelines and ships. Prices spike, too, with the European physical crude hitting near $150 a barrel. Logistics costs are climbing, and tanker shortages could slow things down. Releasing oil from the Strategic Petroleum Reserve, my boost exports further. But higher freight rates and tight vessel supply mean the U.S. is. Maxing out its role as the Global Backup Plan right now. From across the country, powered by AI, this is U.S. News Today. I'm Cory with the story.