U.S. crude oil exports surge to record as tankers flock to Gulf Coast during Iran war

The Port of Corpus Christi has never been busier as tankers from around the world flock to the U.S. Gulf Coast to load up on crude oil during the Iran war. The Texas port was the third-largest oil export terminal in the world before the war behind Ras Tanura in Saudi Arabia and Basra in Iraq. Its importance has only grown since, as U.S. crude oil exports have surged to a record and the two big Persian Gulf ports are largely cut off from the world due to Iran's blockade of the Strait of Hormuz. U.S. oil exports have jumped to 5.2 million barrels per day in April, a more than 30% increase over the 3.9 million bpd exported in February before the war, according to data from Kpler. March was the busiest month in the history of the Port of Corpus Christi, and the first quarter was its busiest quarter ever, said CEO Kent Britton. Oil exports have increased to about 2.5 million barrels per day since the war started compared to 2.2 million bpd last year, Britton said. Ship traffic in Corpus Christi rose to more than 240 vessels in March compared to the 200 the port normally sees in a month, the CEO said. "It's a constant parade of tankers coming in and out," he said. Asian buyers Corpus Christi accounted for about half of U.S. crude oil exports in April while Houston made up most of the rest, according to data from Kpler. Some 50 to 60 big tankers called very large crude carriers are heading to U.S. ports on any given day right now, double the volume seen last year, Kpler's data shows. VLCCs can typically carry up to 2 million barrels. Many of those tankers are coming from Asian countries that imported their oil from the Middle East before the war, said Matt Smith, director of commodity research at Kpler. They are now turning to the U.S. Gulf Coast because the trade route into the Persian Gulf through the strait is effectively closed. "Asian markets are buying whatever they can get their hands on, so they're taking a lot of light sweet crude," Smith said. Corpus Christi has ...