U.S. Oil Exports Decreased to 3.66 Million Barrels per Day

In July 2026, U.S. crude oil exports fell to 3.66 million barrels per day, the lowest level in the past eight months. The primary reason for the decline was a temporary peace agreement between Washington and Tehran, signed in June, which allowed blocked tankers to pass through the Strait of Hormuz, increasing the supply of Middle Eastern oil in the market and weakening demand for American oil. During the agreement's duration, the number of tankers leaving the strait reached 42 vessels per day. This year, the U.S. became the world's largest oil exporter; however, in July, the share of shipments to Asia dropped to 40% from 52% in June. Exports to Japan decreased by 67% to 324,000 barrels per day, while exports to South Korea fell by 39% to 474,000 barrels per day. Shipments to Europe also declined from 2.5 million barrels per day in May to 1.7 million in July. In June, the price difference between American WTI oil and the benchmark Brent crude was $4.17 per barrel, making American oil less attractive to foreign buyers. In July, the price gap widened to $5.42 per barrel, which could stimulate an increase in shipments in August and September.

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