US crude oil exports climbed to a record 5.6 million barrels per day (bpd) in May, as refiners in Asia and Europe increased purchases following developments in the Middle East and the closure of the Strait of Hormuz.
The latest export volumes surpassed the previous record of 5.2 million bpd set in April. Moreover, stronger demand from overseas buyers helped drive US shipments to new highs during the month.
Asia and Europe lead import growth
Asia remained the largest destination for US crude exports for the second consecutive month, importing a record 2.45 million bpd in May. Meanwhile, Europe followed closely with imports of 2.4 million bpd.
The increase reflects refiners’ efforts to diversify supply sources amid disruptions to traditional Middle Eastern export routes. As a result, US crude gained a larger share of key international markets.
Japan accounted for the largest portion of Asian imports. The country imported 808,000 bpd of US crude in May, representing a 32% increase from the previous month and establishing a new record.
Traditionally reliant on Middle Eastern supplies, Japanese refiners boosted purchases of US crude as they sought alternative sources following disruptions to regional energy flows. Consequently, demand from Asia continued to play a central role in supporting US export growth.
