U.S. Crude Exports Hit Record 12.9 Million Bpd on SPR Draws, Depleting Stocks

U.S. crude and petroleum exports recently surged to an all-time high of 12.9 million barrels per day, powered by massive releases from the Strategic Petroleum Reserve. The flow has helped ease global supply disruptions and cooled Brent crude to $93.73 a barrel on May 29, down sharply from $106.13 on May 22. The four-week export average reached a record 5.57 million bpd in mid-May, with crude alone touching 6.4 million bpd. Nearly half of the 172 million barrels committed from the emergency reserve has been shipped to Europe and Asia. SPR inventories have fallen to 365 million barrels, the lowest since April 2024, while commercial crude stocks dropped for a fourth week to 445.01 million barrels—10.28 million below the five-year average. Analysts caution that the buffer is finite. Standard Chartered warned that once emergency stocks thin, prices face renewed upward pressure. The bank expects persistent vulnerability in Brent due to Strait of Hormuz risks, while WTI remains more insulated.