US Crude Oil Exports Hit Record High in May

Abu dhabi: US crude oil exports reached a record high of 5.6 million barrels per day in May, driven by increased demand from Asian and European refineries following developments in the Middle East and the closure of the Strait of Hormuz. Data related to oil tanker movements and analytics firm Kpler showed that US crude exports rose last month, surpassing the previous record of 5.2 million barrels per day set in April. According to Emirates News Agency, exports to Europe and Asia reached record levels in May, with Asia receiving 2.45 million barrels per day of exported volumes, maintaining its position as the largest buyer for the second consecutive month. Europe ranked a close second, importing 2.4 million barrels per day. Demand from Japan, which typically imports most of its crude oil from the Middle East, accounted for the largest share of Asian imports of US crude in May, reaching 808,000 barrels per day, up 32 percent from the previous month and marking a new record.