The United States overtook Saudi Arabia to become the world’s largest exporter of crude oil over the past nine weeks, as Iran’s attacks on shipping in the Strait of Hormuz choked off Middle Eastern oil shipments.
Bloomberg News reported Sunday that the United States shipped more than 250 million barrels of crude oil from its wells and storage tanks to overseas buyers over the past nine weeks, becoming a “lifeline for global consumers.”
The report cautioned that “record American exports also come with warnings that this supply cushion is rapidly being pushed to its limits.”
“Many energy experts are questioning how long shipments can be sustained…
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