U.S. Net Exports of Petroleum Products per day

This plot shows the volume of American oil exports per day in millions of barrels from the beginning of this year. This number was trending at around three million barrels per week until the outbreak of the Iran war at the end of February and the subsequent closure of the Hormuz Strait. One month after the closure, American oil exports sharply increased by almost double.

The global demand for oil is around one hundred million barrels per day, and the Hormuz Strait closure has cut off 14 million barrels of daily supply. America's three-million increase in net exports can cover around 20 percent of that if it is sustained at the current level. China is also absorbing a large part of the supply shortfall by reducing imports and consuming their oil reserves.

The combined effect of America's increased exports and China's reduced imports are what is staving off an oil crisis - but it can't go on forever. Both countries (of course) have limited oil reserves and, in the case of America, production capacity.

I will keep this plot updated - let's see how much America increases their exports and how long they can go on.

The data was fetched from this website: https://www.eia.gov/dnav/pet/pet_move_wkly_dc_NUS-Z00_mbblpd_4.htm