US Is Oil Supplier of Last Resort as Hormuz Disruptions Worsen
Bloomberg.com • • business
Key Points:
- Tankers loaded with crude oil from Alaska and the US Gulf Coast are departing to destinations including Japan, Thailand, and Australia in unprecedented numbers.
- Over the past nine weeks, the US has exported more than 250 million barrels of crude oil from domestic wells and storage tanks.
- This surge in exports has made the US the world’s leading crude oil exporter, surpassing Saudi Arabia.
- The increased US exports have become crucial for global consumers amid the near closure of the Strait of Hormuz, which has severely restricted Middle Eastern oil supplies.
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