US has total oil products production equal to Saudi Arabia and Russia combined. The US exported over 5 million barrels of oil per day last week, a record high, amid the Iran War.
In aggregate, the US exported a record 12.7 million barrels of crude oil and refined products per day last week.
Total extra oil export revenue for the USA ~$13–16 billion/month.
LNG (Liquid natural gas) $2-4 billion/month extra for the USA
The U.S. fast-tracked over $16.5 billion in new sales to Gulf allies
Total costs so far ( ~6 weeks in) is estimated in the $25–50+ billion range depending on the source.
US Energy + military gains (~$20–25+ billion/month) are about covering the direct war costs.
The United States leads global oil production with over 21 million barrels per day (b/d). This is all oil products and not just crude oil. They are followed by Saudi Arabia and Russia with about 10 million bpd each.
Saudi Arabia and UAE are getting almost 9 million barrels bpd out of the region via pipelines around Hormuz.
Iran loses its ~$5 billion/month oil revenue lifeline almost entirely with the blockade.
Venezuela’s oil production has increased modestly in 2026 to ~1.1 million barrels per day (bpd) as of March, up roughly 150,000–200,000 bpd from January/February levels. Exports have correspondingly risen to over 1 million bpd for the first time in months. The U.S. is directly benefiting from a large share of this output through Chevron operations, surging imports to U.S. Gulf Coast refiners, and U.S. government oversight of marketing/sales under a post-sanctions deal.
U.S. officials (and analysts) project a further 30–40% rise possible for full-year 2026 (an extra ~300,000–400,000 bpd overall), potentially pushing output toward 1.3–1.5 million bpd by year-end if infrastructure, investment, and licenses continue to improve. Chevron and other firms are already expanding joint ventures, but full ramp-up is gradual due to aging infrastructure.
The US is getting about $1 billion per month by controlling and refining Venezuelan oil. This is mostly included in the total oil production export figure and this could double by the end of the year.
As of April 13, total Iranian oil on water is estimated at approximately 157.7 million barrels. Of this, 97.6% is destined for China. Among 89 tankers, AIS signals are available for 32 vessels, while 57 are not transmitting. Of those, 30 are Iranian-flagged NITC vessels, consistent with established operating patterns.
Iranian exports remain structurally intact, supported by dark fleet operations and concentrated demand from China, despite increasing external pressure. The U.S. blockade directly targets these flows, which have averaged approximately 2 million barrels per day in recent months.
U.S. total crude oil and petroleum products exports hit a record 12.7 million bpd in the most recent reported week — up sharply (roughly 1 million bpd week-over-week in the latest data, with crude exports alone on track for ~4.9–5.2 million bpd in April/May). This is a multi-million-bpd increase from February/March levels, driven by Asian buyers (especially China and others) scrambling to replace lost Middle East barrels. U.S. Gulf Coast loadings have accelerated dramatically.
With the Strait of Hormuz contested/blocked, Saudi Arabia has maximized its East-West Pipeline (capacity ~7 million bpd) to ship from eastern fields to the Red Sea port of Yanbu. This has been running near full despite a recent Iranian attack (quickly repaired). The UAE’s parallel pipeline infrastructure to Fujairah (outside the Gulf) is also contributing. Together, these bypass routes are flowing the 8–9 million bpd you mentioned, shifting Gulf crude away from Hormuz to Red Sea/Indian Ocean routes.
The IEA has flagged a projected sharp drop in global oil demand (on the order of 1.5 million bpd in Q2). Refineries and consumers cut back, helping rebalance the market without a total meltdown. Higher prices have reduced demand by 1.5 million bpd
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
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