{"text":[[{"start":10.24,"text":"US oil exports surged to a record last week as Asian and European buyers rushed to replace Middle Eastern crude lost because of disruption caused by the Iran war."}],[{"start":21.52,"text":"US crude shipments jumped to 5.2mn barrels per day, up by just over 1mn barrels per day on the previous week, according to US government data published on Wednesday. The US also exported about 7.5mn barrels of refined products, including gasoline and fuel oils, as overseas customers hunted for alternative suppliers amid worsening global shortages."}],[{"start":49.21,"text":"The surge in US exports and a big fall in crude imports into the US caused inventories to fall at a time when many analysts had expected an increase. The drop caused US oil prices to reverse earlier losses on Wednesday morning, trading up about 1 per cent at $92.12."}],[{"start":71.05,"text":"The export surge underscores the increasingly dire state of global oil supplies. Competition for US barrels from foreign buyers could push up American prices, deepening inflationary pressure triggered by the Iran war."}],[{"start":86.1,"text":"Analysts said the US export boom and the continuing loss of Middle Eastern supply because of the blockade of the Strait of Hormuz could push up US petrol and diesel prices higher and increase domestic political pressure on the Trump administration to curtail exports."}],[{"start":104.05,"text":"“Asia and Europe are looking to substitute Middle Eastern supply, so US supply is an obvious replacement,” said Edward Hayden-Briffett, a research analyst at The Officials, a division of Onyx Capital Group."}],[{"start":118.44,"text":"“Many tankers are booked for loading from the Gulf in coming weeks, so exports can remain elevated for a while.”"}],[{"start":125.88,"text":"Average petrol prices have risen by about $1 to $4.10 a gallon since the war began on February 28 while diesel prices at $5.63 are trading close to their all-time high of $5.81, according to the American Automobile Association. "}],[{"start":145.51999999999998,"text":"Trump promised to halve energy costs for consumers within a year of assuming office during the 2024 election campaign. But the price of electricity, home heating oil and petrol have all risen by more than the rate of inflation. "}],[{"start":160.79999999999998,"text":"Rapidan Energy Group said there was an increasing chance of a US crude or refined product export restriction if prices continued climbing towards $150 per barrel."}],[{"start":174.1,"text":"“While the administration has continually reassured industry that it is not contemplating export restrictions, a breakdown in this week’s ceasefire could create the bullish spike in crude that would create enough desperation to put active consideration of export controls,” said the energy research group in a note."}],[{"start":203.78,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1776324339_2353.mp3"}