War brings US close to net crude exporter for first time since WWII

The US nearly turned into a net crude exporter last week for the first time since World War II as shipments surged close to a record high to meet demand from Asian and European buyers scrambling to replace West Asian supplies cut by the Iran war.

Refiners in Asia and Europe that depend on those supplies have bought alternative cargoes from wherever they can, sharply boosting demand for oil from the US. However, analysts say the US is rapidly approaching its export capacity.
Net imports of crude oil, or the difference between imports and exports, narrowed to 66,000 barrels per day last week, the lowest on record in weekly data that goes back to 2001, according to US govt data released on Wednesday, while exports climbed to 5.2 million bpd, the highest in seven months. The US was last a net exporter of crude in 1943, data showed.

Countries such as Greece have snapped up US crude for the first time ever in recent months. About 2.4 million bpd, or some 47% of US exports last week sailed towards Europe, according to tracking service Kpler. Around 1.49 million bpd, or about 37%, headed to Asia, up from 30% a year ago.

This is a Reuters story