U.S. Crude Exports Surge To All-Time Highs Amid SPR Record Releases

Energy News Beat

U.S. crude oil and petroleum product exports have hit unprecedented levels in recent weeks, even as the Biden-era Strategic Petroleum Reserve (SPR) continues to be drawn down at a record pace to help stabilize global markets amid ongoing disruptions from the Iran conflict and the Strait of Hormuz blockade. According to the latest data, total U.S. crude and petroleum exports spiked to an all-time record of nearly 12.9 million barrels per day (bpd), with crude exports alone briefly reaching a record 6.4 million bpd. The rolling four-week average for crude exports hit an all-time high of 5.57 million bpd for the week ended May 15, 2026.

This export boom is being fueled in large part by aggressive releases from the SPR. The U.S. committed to releasing 172 million barrels on a loan/exchange basis, with single-week releases peaking at nearly 10 million barrels. As a result, SPR stockpiles have plummeted to approximately 365 million barrels—the lowest level since mid-April 2024. Data from Kpler shows that roughly half of the crude released from the emergency stockpile in recent months was directly exported rather than refined domestically, with foreign buyers snapping up 40 to 50 percent of those barrels.

The surge has positioned the United States as the world’s de facto emergency oil supplier, with an “armada of tankers” pulling barrels toward Europe and Asia as those regions scramble for alternatives to Middle Eastern supplies blocked by the Hormuz crisis.

Record Tanker Traffic to the U.S. Gulf Coast in the Last 60 Days

The export surge has triggered a massive influx of tankers to the U.S. Gulf Coast (USGC) loading terminals over the past two months. As of mid-April 2026, shipping data showed a record 171 crude tankers bound for the U.S. Gulf Coast to load cargoes—compared to a typical 110 per month. This armada has continued into May, with reports of 50 to 60 very large crude carriers (VLCCs) heading to U.S. ports on any given day—double the normal volume seen last year. Each VLCC can carry up to 2 million barrels.

Port activity reflects the frenzy: The Port of Corpus Christi, which handles roughly half of U.S. crude exports, saw ship traffic exceed 240 vessels in March (versus a normal ~200 per month) and recorded its busiest first quarter ever. Houston and other Gulf terminals have seen similar sustained high traffic through April and May. Over the last 60 days (roughly late March through late May 2026), this has translated into a near-constant parade of tankers arriving to load record volumes of crude and products, with USGC terminals exporting more than 5 million bpd for multiple consecutive weeks in April and early May.

Jones Act Waiver: Dozens of Instances Help Ease Domestic Supply Pressures for U.S. Consumers

To address domestic supply chain strains caused by the global disruptions, the Trump administration issued a 60-day Jones Act waiver on or around March 17–18, 2026 (later extended), allowing foreign-flagged tankers to transport crude oil, refined products, and related commodities between U.S. ports. This temporary suspension of the 1920 Merchant Marine Act has enabled more efficient movement of SPR-released and other barrels to high-demand areas outside the Gulf Coast.

According to U.S. Maritime Administration (MARAD) data and reports tracking the waiver, approximately 45–60 instances (voyages or approved shipments) have been recorded in the first 50+ days. These include foreign tankers moving SPR crude from Louisiana to California refineries for the first time ever, as well as gasoline and diesel shipments to the West Coast, East Coast, and other regions. California-related movements alone accounted for 21 of the first 45 voyages.

The waiver has helped U.S. consumers by improving domestic distribution, reducing potential shortages, and mitigating price spikes in non-Gulf regions amid the international oil crunch. While the overall impact on national gasoline prices has been described as limited given the broader market dynamics, it has visibly enabled critical supply flows that would otherwise have been constrained or far more expensive under strict Jones Act rules.

Where U.S. Oil Has Been Shipped: Europe and Asia Lead the Way

The bulk of the record U.S. crude exports has flowed to Europe and Asia, where buyers have aggressively sought replacement barrels. Recent trade data (e.g., March 2026) shows the top destinations for U.S. crude petroleum included:

Netherlands (leading buyer)
South Korea
Canada
Japan
Chinese Taipei (Taiwan)

Other significant flows have gone to broader European and Asian markets. Asian buyers in particular have taken large volumes of light sweet U.S. crude, while Europe has also tapped U.S. supplies heavily.

Looking Ahead

While the export surge and SPR releases have helped cushion global supply shocks, analysts warn that finite SPR stocks are shrinking fast, raising questions about long-term U.S. energy security and potential future export curbs. U.S. crude inventories have tightened sharply, and the nation has even briefly become a net crude exporter in some recent weeks. The situation remains fluid as the Hormuz situation evolves.

Energy News Beat will continue monitoring these developments closely.

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