Americas oil producers gain market share amid Iran conflict

Conflict with Iran and the closure of the Strait of Hormuz have triggered a significant shift in global oil markets, benefiting producers in North and South America. As Middle Eastern exports faced disruption, American and South American producers have increased their market share to meet demand, particularly from Asian buyers seeking to reduce reliance on the Middle East.

Crude oil exports from the Americas reached a record average of 11.7 million barrels per day this year, up from 10.3 million barrels per day last year. The United States leads this growth with 4.4 million barrels per day, followed by Brazil at 2.5 million barrels per day. Other notable increases are occurring in Canada, Guyana, and Argentina.

While transporting oil from the Western Hemisphere to Asia incurs higher shipping costs due to distance, these costs are increasingly viewed as a necessary insurance policy against geopolitical instability. The surge is supported by a decade of production growth, including the U.S. shale revolution, which saw American production reach a record 21 million barrels per day in 2025.