It Turns Out America is Making a Killing Amid the Global Energy Crisis – Here's the Proof

The United States (US) is nearly recording a new milestone by becoming a net exporter of crude oil for the first time since World War II. The surge in exports is occurring amid rising global demand due to disrupted energy supplies from the Middle East as a result of the Iran conflict.

Reuters reported that US crude oil shipments surged close to a record high last week, as countries in Asia and Europe scramble for alternative supplies to replace hampered distributions. This disruption was triggered by a conflict involving Iran, which also threatens the world’s vital energy route in the Strait of Hormuz.

US government data shows that net crude oil imports plummeted drastically to just 66,000 barrels per day last week, the lowest since records began in 2001. Meanwhile, exports jumped to 5.2 million barrels per day, the highest in the last seven months.

“The increase in US crude oil exports reflects buyers in the Atlantic and Asia becoming more active in seeking available supplies, especially because regional oil price differentials still cover shipping costs,” said Vice President of Oil Markets at Rystad Energy, Janiv Shah, quoted on Friday (17/4/2025).

European countries are the primary destination for exports, absorbing around 2.4 million barrels per day or 47% of total shipments. Meanwhile, Asia absorbs about 1.49 million barrels per day or 37%, up from 30% the previous year. Major buyers include the Netherlands, Japan, France, Germany, and South Korea.

On the other hand, US oil imports fell by more than 1 million barrels per day to 5.3 million barrels per day. Nevertheless, the US still requires imports because its refineries are designed to process heavy and sour types of oil, different from domestic production which tends to be light.

Market conditions are also influenced by the surge in global oil prices. The premium of Brent crude over West Texas Intermediate (WTI) once reached US$20.69 per barrel, or about Rp351,730. This makes US oil more competitive in the international market.

In fact, the price of crude oil cargo for fast delivery to Europe once approached US$150 per barrel, or about Rp2.55 million, reflecting the tightness of global supplies.

Although exports are surging, analysts warn that US capacity is starting to reach its limit. Exports are estimated to remain around 5.2 million barrels per day throughout April, close to the maximum capacity of about 6 million barrels per day.