Americas hit record oil exports as Hormuz crisis reshapes global trade

Six months after the closure of the Strait of Hormuz upended one of the world's most critical energy corridors, oil producers stretching from Canada to Argentina are shipping record volumes of crude to markets that once depended almost entirely on the Persian Gulf.

Crude exports from the Americas have surged to a record average of 11.7 million barrels per day so far in 2026, up from 10.3 million bpd in 2025 and nearly double the volume of a decade ago, according to Kpler data cited by Reuters. The United States leads with exports averaging 4.4 million bpd this year, followed by Brazil Petróleo Brasileiro S.A. – Petrobras ↘ 1.44% at 2.5 million bpd. U.S. crude exports alone hit a record 5.73 million bpd in May, according to the Energy Information Administration.marinelink+1

Asia Scrambles for Western Hemisphere Crude

Asian buyers have absorbed the bulk of the surge. Imports of Western Hemisphere crude into Asia are on track to reach a record 5.4 million bpd in August, up from an average of 4 million bpd last year. The diversification was born of necessity — Iran's effective closure of the Strait of Hormuz beginning February 28 disrupted roughly a fifth of global oil supplies, according to the International Energy Agency. Middle East exports have since fallen to roughly 9.5 million bpd, less than half of their 2025 levels, according to Reuters.mezha+3

Asian refiners are now willing to accept higher transport costs in exchange for supply security. Rates for a very large crude carrier have reached a record of roughly $640,000 per day — more than triple pre-war levels, according to LSEG data. A tanker sailing from Brazil to Japan can spend up to 60 days at sea, about triple the transit time from the Gulf.marinelink+1

A Decade of Production Growth Pays Off

The shift rests on years of investment across the hemisphere. The U.S. shale revolution made the country the world's largest oil producer in 2018, and total U.S. output of oil and condensate reached a record 21 million bpd in 2025. Brazil is on track to raise output to a record 4.3 million bpd this year, driven by giant offshore fields including Buzios and Bacalhau, while Guyana and Argentina's Vaca Muerta shale basin continue to expand. North American production is projected to reach 30.5 million bpd by 2027.moderndiplomacy+1

The Americas now account for roughly 30% of global seaborne crude exports, up from 23% last year. The Middle East retains far larger reserves and lower production costs, and analysts say the Americas cannot fully replace Persian Gulf suppliers. But as Reuters columnist Ron Bousso wrote, "what began as a temporary response to the Iran war increasingly looks like a lasting realignment of global oil trade — one that could persist long after the missiles stop flying in the Gulf".marinelink+1