US overtakes Russia and Saudi Arabia as world's top oil exporter
Oil production in California (photo: Getty Images)
The United States has officially become the world's largest oil exporter. Washington has overtaken long-time market leaders Saudi Arabia and Russia, Reuters reports.
Back in May, US exports of crude oil and fuel rose to 10.5 million barrels per day, and the country has maintained its leadership for the third consecutive month. By comparison, Russia exported only 7 million barrels per day during the same period, while Saudi Arabia exported 5.9 million barrels.
Interestingly, at the beginning of last year, Saudi Arabia was supplying 8.1 million barrels per day to foreign markets, while the United States was exporting only 6.6 million barrels. The wars in Ukraine and Iran, as well as sanctions, changed everything.
Ukrainian drones and Hormuz fuel US success
The war between the United States and Iran, ongoing since February 2026, has blocked a significant portion of supplies from the Middle East. At the same time, Russian exports have suffered from Ukrainian drone attacks: strikes on oil refineries and fuel depots have significantly reduced Moscow's capabilities, the report says.
American companies seized the opportunity and are filling the gaps.
"Washington has a new tool they didn't realize they had before the Iran war — energy exports," said Michelle Brouhard, head of policy at ship tracking firm Kpler.
The collapse of OPEC and the Kremlin's setbacks
US dominance is undermining OPEC's monopoly, and the organization is losing its ability to dictate prices. In May, the United Arab Emirates left the group after nearly 60 years of membership. This was a major blow to the oil cartel.
Moscow is also not hiding its frustration. Rosneft chief Igor Sechin called American companies the main beneficiaries of the crisis. The closure of the Strait of Hormuz has brought them windfall profits.
However, Russia had begun falling behind the United States even before the war. Since 2000, US production has nearly tripled to 22 million barrels per day.
Why the world is choosing US oil
Washington now has a new lever of influence. Europe and Asia are increasingly switching to American crude. Due to sanctions on Russia and Iran, the European Union receives 47% of all US exports. Asia has increased its share of US oil purchases to 46%.
EU officials view this boom with mixed feelings. While they are happy to reduce dependence on Russia, they fear becoming too dependent on the United States.
The relationship between the state and corporations also matters. For example, in Saudi Arabia and Russia, production volumes are determined by the government. In the United States, things are different: the market depends on decisions made by private companies. When oil prices rise, companies in Texas simply pump more. It is a natural market mechanism that works better than any quotas.
The American oil boom has proven skeptics wrong, Reuters writes. Ten years ago, no one believed that a former victim of an embargo would top the global rankings.
What else is known about the oil market
Ukrainian strikes on Russia are already costing the Kremlin billions of dollars and reducing oil revenues. According to The Economist, while 335 such strikes were recorded between 2022 and 2024, their number reached 658 in 2025 alone.
