Americas Crude Tanker Shipments Surge 40 Percent as Hormuz Closure Shifted 4 Million bpd of Oil Trade

Americas dirty tanker shipments reached 14.5 million barrels per day in May 2026, a 40% increase from May 2025, according to vessel tracking data compiled by OilPrice.com. April 2026 flows stood at 13.8 million bpd, making the month-on-month gain 700,000 bpd. The surge unfolded as the Strait of Hormuz, which routes a large share of global oil trade, remained closed for a fourth consecutive month.

The Math Behind the Shift

Strait of Hormuz transits fell 89% between February and May 2026, dropping from more than 3,700 monthly movements to roughly 400. That collapse redirected crude sourcing toward the Western Hemisphere for buyers in Europe, India, and East Asia. A 40% year-on-year gain on a May 2025 baseline of roughly 10.4 million bpd implies Americas producers dispatched approximately 4.1 million additional barrels per day compared with a year earlier. At Monday WTI close of $81.41 per barrel, that incremental volume represents roughly $122 billion in annualized gross export revenue captured from Middle Eastern supply chains during the closure.

Venezuela, Argentina, and Brazil Lead the Latin American Surge

Venezuelan crude output climbed to 1.155 million bpd in May 2026, up from 940,000 bpd in January, a gain of more than 215,000 bpd in five months. Jovanny Martinez, executive vice president of state producer PDVSA, set a year-end target of 1.37 million bpd. Argentina tracked toward 1 million bpd of crude output in 2026, a 26% increase from 2025, driven by the Vaca Muerta shale formation in Neuquen province. Both countries drew increased interest from Asian buyers shut out of Middle Eastern supply.

Brazil recorded total crude output above 4 million barrels per day in 2026, reaching record levels. Total hydrocarbon production, including natural gas, reached 5.3 million barrels of oil equivalent per day. ExxonMobil holds an interest in the Bacalhau deepwater field offshore Brazil, which carries a production capacity of 220,000 bpd. Petrobras committed $109 billion in capital over a five-year investment cycle, signaling continued expansion of Brazilian offshore capacity.

The United States and Canadian Oil Anchor Western Hemisphere Exports

US crude production held near 13.6 million bpd during the closure, providing the foundation for Americas export growth. Americas producers now supply 32% of global crude output. Canada Trans Mountain pipeline, which expanded capacity in 2024, extended Alberta Western Canadian Select crude to Pacific Basin buyers as Middle Eastern supply tightened. Combined US and Canadian Pacific coast export routes drew increased Asian buyer interest throughout the 100-plus-day Hormuz closure.

Whether the Gains Hold Is the Next Test

The US-Iran ceasefire framework announced Monday raised the immediate question of whether Americas producers can retain elevated market share. A senior European Union energy security official told OilPrice.com that reduced Middle Eastern crude flows are likely to continue even when the Strait reopens, predicting that the recovery would take months. Energy analysts cited a six-week minimum timeline before LNG production and transit logistics could normalize. For crude oil, the restart lag depends on mine clearance and formal deal ratification at the Friday ceremony in Switzerland.