From Canada to Argentina, oil producers across the Americas have enjoyed a windfall during the United States-Israeli war against Iran by capturing market share lost by Middle Eastern exporters. The renewed focus on energy security globally could transform this emergency response into a lasting structural change.Oil production in the Americas has become a viable alternative since the outbreak of the war. The shift is one of the most striking changes in the global energy landscape in decades.
The Hormuz closure immediately triggered a scramble to replace lost Middle Eastern barrels, with the Americas emerging as the primary beneficiary.
Crude exports from the region have risen to a record-high average of 11.7 million barrels per day (bpd) so far in 2026, up from 10.3 million bpd in 2025, and nearly double the volume a decade ago, according to Kpler data.
The US leads the pack with exports averaging 4.4 million bpd this year, followed by Brazil at 2.5 million bpd.
Asia has absorbed much of the additional crude from the Americas. Imports into the continent from the Western Hemisphere have surged since the Iran war began and are on track to reach a record 5.4 million bpd in August, compared with an average of 4 million bpd in 2025.
