Mixed Signals

7 August 2026: U.S. crude oil exports drop, but refined products keep flowing. As a result of the war in the Middle East and the effective closure of the Strait of Hormuz, global oil and refined product supplies tightened significantly. Countries around the world responded by tapping emergency stockpiles, cutting imports and restricting exports. The International Energy Agency (IEA) led its 32 member countries in executing a release of 426 million barrels of oil from their emergency reserves: 301 million barrels of crude and 125 million barrels of refined products. The United States was by far the largest contributor, committing 172 million barrels of crude oil from its Strategic Petroleum Reserve (SPR). The SPR releases contributed to a large increase in U.S. crude oil exports. Refined product exports jumped as well. After three months of high outflows, crude oil exports declined in July, but product flows out of the U.S. remained strong. In this Tanker Opinion, we will explain why crude and product exports are diverging and what impact it has on the tanker market. Please fill out the form to read the article.