US Nears First Net Crude Exporter Status Since WWII
US nears first net crude exporter status since WWII
The US-Israel war with Iran so far has blocked roughly a fifth of global oil and gas supplies from transiting the Strait of Hormuz, and has pushed the US to the edge of a historic milestone of being a net crude exporter for the first time since 1943. Last week, net crude imports shrank to just 66,000 bpd (barrels of oil per day) while exports surged to 5.2 million bpd, as European and Asian buyers desperately replaced lost Middle East supply, with 47% of US exports heading to Europe and 37% to Asia, up from 30% a year ago.
A Brent-WTI spread blowing out to as much as $20.69/barrel and European physical crude hitting a record near $150/barrel made US crude irresistible to foreign refiners, with first-time buyers like Greece and potentially Turkey now in the mix.
But the US is running out of headroom fast, as its capacity is capped at around 6 million bpd, and as Dubai-based trader Bekzod Zukhritdinov put it: “The market is already testing the export ceiling with 5.2 million bpd exported last week. Every incremental barrel from here costs more in freight and logistics than the last one.”
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Further reading: Iran war brings US close to net crude exporter for first time since World War Two; Iran war brings US close to net crude exporter for first time since World War II
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Singapore calls for regional partners for energy support
Singapore’s PM Lawrence Wong says the current Middle East conflict and closure of the Strait of Hormuz show that no country can secure energy on its own, hence Singapore is doubling down on “trusted partners” like Australia, Japan, and ASEAN to keep fuel flowing and ports open while upholding shipping freedoms under UNCLOS.
Mr. Wong backs Japan’s new US$10 billion aid package to help Southeast Asian states cope with surging oil prices and wants the Asia Zero Emission Community upgraded to focus more on economic and energy resilience without abandoning net-zero goals.
That means pushing energy efficiency, diversifying fuels, and building regional projects such as the ASEAN Power Grid so Asia’s future energy systems are cleaner, more secure, and more resilient.
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Further reading: Support of trusted regional partners key to securing energy needs: PM Wong
Malaysia’s biggest solar firm sees a jump in demand amid the Iran war
Malaysia’s largest solar developer is rushing to accelerate project timelines as the war in Iran drives up fossil fuel prices and makes renewables more attractive for industry, data centers, and semiconductor supply chains. The firm plans about 1.3 GW (GigaWatt) of new solar in 2026 and at least 5 GW by the end of 2028, including large plants for grid operator Tenaga Nasional from 2027, while lobbying regulators to cut typical build times from 18–24 months to as little as 12–16 months. Solarvest CEO Davis Chong expects fossil-fuel-based power bills to climb further in late 2026, even as solar panel and battery prices remain stable or fall thanks to unaffected Chinese supply routes and improving project returns.
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Further reading: Malaysia’s biggest solar firm sees jump in demand amid Iran war
South Korea plans to use the Iran crisis to spur a renewables revolution
South Korea is using the current energy crisis to accelerate renewables, such as community solar, through its “solar income villages” scheme, like in Guyang-ri, where panel profits fund free lunches, transport, and social facilities. South Korea President Lee Jae Myung is pouring extra money and cheap loans into solar and grid upgrades and framing fossil fuel dependence as a national security risk.
Still, big problems remain: congested grids, Kepco’s artificially low power prices, heavy reliance on cheap Chinese panels, and political reluctance to fully confront coal and fossil subsidies.
However, environmental groups say the government is talking up a clean energy revolution while still propping up coal plants and capping oil prices, warning that the current crisis is a rare opening for real change in South Korea’s energy and power market.
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Further reading: How South Korea plans to use the Iran crisis to spur a renewables revolution
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — In the Cover Photo: Oil barrels. Cover Photo Credit: Atik Sulianami on Unsplash