HOUSTON, April 15 (Reuters) – The U.S. nearly turned into a net crude exporter last week for the first time since World War Two as shipments surged close to a record high to meet demand from Asian and European buyers scrambling to replace Middle East supplies cut by the Iran war.
The U.S. and Israel’s war with Iran triggered the largest ever disruption to the global energy market as Iranian threats to shipping stopped around a fifth of the world’s oil and gas supplies from transiting the Strait of Hormuz waterway.
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 U.S., the world’s largest producer.
However, analysts and traders say the U.S. is rapidly approaching its export capacity.
