Reuters, citing data from analytics firm Kpler, reported that US crude oil exports reached a record 5,6 million barrels per day in May. This figure surpassed the previous peak of 5,2 million barrels set in April.

The conflict in the Middle East is causing unprecedented disruption to the global energy market. The Strait of Hormuz has been blockaded, paralyzing the flow of 20% of the world's crude oil and natural gas.

Consequently, US oil exports to Asia and Europe hit record levels in May. Asia purchased approximately 2,45 million barrels per day, marking the second consecutive month as the top destination for US oil exports. Europe followed with 2,4 million barrels per day.

US crude oil exports have repeatedly set records this year. *Chart: Kpler, Reuters*

Demand from Japan, which previously imported most of its oil from the Middle East before the conflict, increased 32% from the previous month, reaching 808,000 barrels per day. "We are not surprised by these figures, as the lost volume of Middle Eastern oil is quite significant," said Matt Smith, director of commodity research at Kpler.

Several other nations also increased their purchases of US oil in May, including Bulgaria, Croatia, Turkey, and Greece. Italy also imported a record 335,000 barrels of US oil daily.

"We believe the buying momentum from Asia primarily stems from genuine demand. Meanwhile, Europe's motivation is favorable shipping conditions and lower transatlantic transportation costs," stated Rohit Rathod, a senior oil market analyst at Vortexa.

Approximately 5% of US crude oil exports in May came from the Strategic Petroleum Reserve (SPR). This oil was part of the total 172 million barrels that Washington released from emergency stockpiles to prevent sharp price increases.

However, oil exports from the world's largest economy are projected to slow in June. Investors anticipate a peace agreement with Iran will ease supply concerns. Another factor is that WTI crude oil prices are now nearly on par with Brent. Currently, each barrel of WTI is priced at 90 USD, only 3 USD less than Brent. Additionally, low WTI oil inventories in the US could prompt the nation to increase reserves and reduce exports.

Energy consulting firm Energy Aspects forecasts US crude oil exports this month will be approximately 4,9 million barrels per day, further declining to 4,6 million barrels in July.

By Ha Thu (Reuters)