The U.S. exported a record 5.4 million barrels of oil per day in May, surpassing Russia and Saudi Arabia, Energy Secretary Chris Wright said. Wright stated that U.S. dominance in the global oil industry has grown significantly, and that the country now exports more than 50% of the oil that Iran once supplied to destinations worldwide, according to NTD.
U.S. Energy Secretary Chris Wright announced on Tuesday that American oil exports reached a record 5.4 million barrels per day in May, overtaking both Russia and Saudi Arabia, according to a report by NTD. Wright attributed the surge to the Trump administration's energy dominance policy, which he said would eventually lead to lower fuel prices for Americans. He also noted that since U.S. intervention in Venezuela, Venezuelan oil exports have more than doubled, with large volumes now flowing to American refineries. Wright added that strong growth is expected in the Gulf of Mexico and Alaska oil industries. The announcement comes amid a broader U.S. campaign to squeeze Iranian oil revenues: as The Zioneer previously reported, Iran's oil exports reportedly fell 84% in May amid American sanctions pressure, and President Trump recently disclosed a secret operation that has moved over 100 million barrels of oil through the Strait of Hormuz since last month, effectively defeating Iran's attempt to close the strait. The record export figures mark a new phase in U.S. energy dominance, though the long-term impact on global prices remains to be seen.
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