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Chemical and oil tankers sit anchored in New York Harbor, New York, on April 14 (local time). / Reuters, Yonhap

The United States has emerged as the world's largest oil exporter, overtaking Saudi Arabia and Russia. Coupled with supply chain disruptions caused by the wars involving Iran and Ukraine, the US is further cementing its influence in the global market.

The structure of US energy production reached a turning point after 2010 with the full-scale development of shale formations. Reuters reported on the 11th (local time) that the US supply advantage has become more pronounced this year as the war in the Middle East hampered Saudi exports and Russia suffered setbacks from sanctions and its ongoing war with Ukraine.

According to energy intelligence firm Vortexa, US crude and fuel exports reached approximately 10.5 million barrels per day (bpd) in May, securing the top global spot for the third consecutive month. During the same period, Russia exported 7 million bpd, while Saudi Arabia exported 5.9 million bpd. This marks a complete reversal from 2025, when Saudi Arabia exported 8.1 million bpd compared to 6.6 million bpd from the US.

The expansion of US oil export dominance is weakening the market pricing power previously held by OPEC+, the alliance of the Organization of the Petroleum Exporting Countries and its allies. Reuters noted that by gaining control over the oil supply chain, in addition to its military might and dollar-based financial dominance, the US has secured powerful leverage on the international diplomatic stage.

Unlike in Saudi Arabia or Russia, where governments control production volumes, the US energy industry operates thoroughly on market logic and the profit motives of private corporations. The industry responds dynamically by boosting production when oil prices rise and cutting back when they fall, meaning supply and demand are regulated by market principles rather than artificial controls.

As geopolitical conflicts persist, global oil distribution routes have undergone a dramatic realignment. The US is now Europe's largest supplier of crude oil, with Europe's share of US oil imports rising to 47% this year from 37% in 2021. However, caution is also emerging within the European Union regarding an excessive dependence on US energy.

Asian countries, which historically relied heavily on the Middle East, have also expanded their imports of US crude. As of May, Asia's share of US oil exports surged to 46%.

                                                                                                           Lee Jeong-eun