US gasoline exports hit record highs, with increased purchases from Japan and Venezuela.

The export volume of naphtha from the United States has risen to a record high. Due to the Iran crisis cutting off the supply of naphtha from the Middle East, Japan is eager to find alternative sources, and Venezuela has also increased its procurement efforts to dilute its heavy crude oil. The record high export of naphtha from the United States marks a dramatic change in the energy market this year and the subsequent reshaping of trade routes. Asian petrochemical companies are turning their attention to the West to ensure supply, otherwise they will have to stop production; and exports to Venezuela, which were previously only allowed under limited authorization, have now soared to the top. Data from the ship tracking company Kpler shows that US naphtha exports have climbed to a record high of 493,000 barrels per day. Of this, approximately 130,000 barrels per day flow to Asia, reaching a new high in over four years. Data shows that exports to Japan have risen to 71,000 barrels per day, a new high since December 2021. Exports to South Korea are around 50,000 barrels per day, the highest level this year.