According to the U.S. Energy Information Administration, exports of crude oil and petroleum products from the country rose to a record 12.9 million barrels per day last week. Market participants are trying to compensate for the deficit caused by shipping restrictions through the Strait of Hormuz – one of the key routes for global oil trade – as well as infrastructure failures in Qatar.
According to investing.com, the situation is also reflected in logistics: more than 60 empty supertankers – three times more than before the conflict – are heading to the US Gulf Coast.
The main problem is infrastructure
In the short term, Washington wins: the current situation strengthens the course of “energy dominance” and expands the US influence in the global market. However, experts warn that it will not be easy to consolidate this success.
The main barrier is infrastructure. Refineries in Asia are still focused on heavy Middle Eastern oil, and the transition to American crude will require significant investment and time. At the same time, the U.S. faces its own constraints: export capacity on the Gulf Coast is nearing its limit, and new terminals will be operational only in the next 18-24 months.
Europe increases gas imports from the US
Meanwhile, Europe is stepping up imports of US LNG in a bid to ensure energy security. But against this background, fears are growing that dependence on one supplier may be replaced by another.
Analysts note that the strengthening of the US position can affect not only the market, but also geopolitics – from trade negotiations to security issues.
For now, global buyers are left with few alternatives. Restrictions on supplies through the Strait of Hormuz, through which about 10% of the world’s oil passes, have created a deficit, which in the current conditions can be closed primarily by the United States.
Until the situation normalizes, according to experts, it is the U.S. coast of the Gulf of Mexico that will play a key role in maintaining the balance in the global energy market.
