What were the key changes in U.S. crude oil production, exports, and demand in May according to the EIA?

According to the EIA, U.S. crude oil production fell about 2% in May to an average of 13.71 million barrels per day (bpd), down from a record high in April; crude oil exports hit a record 5.73 million bpd, up from the prior record of 5.59 million bpd; and total U.S. demand for crude oil and petroleum products fell more than 3.5% to about 20.07 million bpd—the lowest since March 2025.

How did the Iran war impact U.S. oil exports and diesel demand, as reported by the EIA?

The EIA reported that U.S. oil companies ramped up exports sharply since the beginning of the Iran war, capitalizing on a global supply shortfall caused by disruptions to vessel movements through the Strait of Hormuz; meanwhile, diesel demand—classified under distillate fuel—fell to 3.57 million bpd in May, the lowest since June 2020, as diesel prices surged sharply due to the war, given the Middle East’s role as a major supplier of both diesel and the crude oil type best suited for its production.

US crude oil output fell in May, while exports hit record, EIA says

Jul 31, 2026

U.S. crude oil production declined 2% in May to 13.71 million barrels per day, while exports surged to a record 5.73 million bpd per EIA data. Total domestic demand fell 3.5% due to higher prices driven by Middle East supply disruptions.

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