US Becomes World’s Largest Oil Exporter; US-Iran Peace Deal Nears
The US became the world's largest oil exporter in May with 10.5 million barrels per day, while the US and Iran are close to finalizing a peace agreement.
According to cargo analytics firm Vortexa, cited by Reuters, the US exported about 10.5 million barrels of oil and fuel per day in May, making it the world's largest petroleum exporter, surpassing Saudi Arabia and Russia. The increase is attributed to the closure of the Strait of Hormuz, which impacted Saudi exports, and sanctions on Russian oil.
Russia’s oil product exports in May were seven million barrels per day, while Saudi Arabia’s were about six million. In 2025, Saudi Arabia led with eight million barrels per day, the US exported over 6.5 million, and Russia nearly six million. The US has become the main crude oil importer for Europe, and Asian countries are increasingly dependent on US oil due to difficulties in Middle East supplies.
Meanwhile, Pakistani Prime Minister Shehbaz Sharif announced that the final text of a US-Iran peace agreement has been agreed upon. A senior US official confirmed the deal covers Lebanon, Iran, Gulf states, and Israel, involving significant sanctions relief and unfreezing of Iranian assets in exchange for dismantling Iran’s nuclear program.
The official stated that the signing location and date are undecided, but Switzerland has offered to host. Iran’s Foreign Minister Abbas Araghchi said the sides have never been closer to an agreement.
