US Oil Exports Hit Record 5.6 Million BPD as Cushing Stocks Sink to 22.4 Million Barrels
Updated
Updated · Reuters · Jun 5
US Oil Exports Hit Record 5.6 Million BPD as Cushing Stocks Sink to 22.4 Million Barrels
1 articles · Updated · Reuters · Jun 5
Summary
May exports reached a record 5.6 million barrels per day, pulling crude from U.S. storage hubs as Asian and European refiners replaced supplies lost in the Iran war.
Cushing inventories fell to 22.4 million barrels by May 29 and slipped another 500,000 barrels by June 2, leaving the WTI delivery hub close to the 20 million-barrel level where operations can become difficult.
Phillips 66 estimates Cushing could hit its operational minimum by late June, a threshold that can disrupt tank transfers, worsen crude quality and slow outbound flows to Midwest refiners and Gulf Coast export terminals.
U.S. crude inventories overall have dropped for six straight weeks, down 63.9 million barrels, or 7.5%, since the war began, while more than 1 billion barrels of global supply have been lost after Iran effectively shut Strait of Hormuz traffic.
The drawdown is reviving Cushing's influence on oil pricing and adding to warnings from Exxon and Chevron that shrinking global buffers could push crude, gasoline and diesel prices higher through June and July.
With US oil reserves at critical lows, why are exports still hitting record highs?
A billion barrels of oil are gone. Can strategic reserves stop a global recession?
Could the Strait of Hormuz crisis permanently shatter global oil supply chains?
U.S. Crude Oil Exports Hit Record Highs in May 2026 Amid Strategic Reserve Depletion and Global Supply Crisis
Overview
In May 2026, U.S. crude oil exports surged to near-record levels, reaching about 5.6 million barrels per day. This export boom was driven by global supply disruptions, especially the conflict in Iran, which increased international demand for U.S. oil. As a result, the U.S. experienced its largest-ever withdrawal from domestic oil inventories, with total stocks dropping to an 11-month low and both commercial and strategic reserves seeing significant drawdowns. Key storage hubs like Cushing, Oklahoma, were nearly depleted, highlighting growing concerns about domestic energy security amid record exports.