U.S. crude oil exports hit 5.2 million bpd

In Short:
– U.S. crude oil exports hit a record 5.2 million barrels per day in April, driven by Asian demand.
– Corpus Christi saw unprecedented activity, with exports rising over 30% during the Iran war.

U.S. crude oil exports reached a record 5.2 million barrels per day in April, according to data from commodities data firm Kpler.This surge is driven by buyers in Asia seeking alternatives to Middle Eastern supplies affected by the Iran war.

Export records

Corpus Christi, Texas, has experienced its busiest first quarter ever, as tankers flock to the port.

Before the war, Corpus Christi was the third-largest oil export terminal globally, following Ras Tanura in Saudi Arabia and Basra in Iraq.

Its significance has increased due to U.S. crude oil exports rising during restrictions on Persian Gulf ports caused by the conflict.

Exports have jumped more than 30% from 3.9 million barrels per day in February.

March marked the busiest month in the Port of Corpus Christi’s history, noted CEO Kent Britton.

Exports increased from 2.2 million barrels per day last year to approximately 2.5 million per day since the beginning of the war.

Ship traffic increased to over 240 vessels in March, compared to the typical 200.

“It’s a constant parade of tankers coming in and out,” Britton added.

According to Kpler, Corpus Christi was responsible for about half of U.S. crude oil exports in April; Houston accounted for most of the remainder.

Around 50 to 60 very large crude carriers (VLCCs) are arriving daily at U.S. ports, double the volume from last year.

Many tankers are now sourced from Asia, redirected from their typical Middle Eastern imports.

Matt Smith, Kpler’s director of commodity research, mentioned that Asian markets are purchasing U.S. light sweet crude vigorously amidst supply shortages.

The increase in refined product exports to the Middle East has also surpassed last year’s total in the first quarter, according to Britton.