US crude exports down in June

The value of US crude oil exports fell in June. This comes as the United States is becoming increasingly important as an alternative supplier for Japan amid the situation in the Middle East.

US trade statistics show that crude exports were worth 13.5 billion dollars in June, down roughly 30 percent from 19.2 billion dollars in May. Market players say inventories of US crude have been shrinking as global demand has increased since the Strait of Hormuz was effectively closed.