Iran conflict boosts US role in global fuel markets

Summary

• The US-Iran conflict has increased America's position in global fuel markets.
• The US continues to gain market share in global oil and natural gas while OPEC exports have declined.
• The US is currently the world's largest petrostate by a factor of two.
• The US has emerged as a major net exporter of crude oil, refined fuels, petrochemicals, and liquefied natural gas.
• Europe continues to face a significant trade deficit in energy.
• China works to strengthen its energy position.
• Data from the Energy Information Administration shows OPEC's share of world crude production declining from 39% in Jan-14 to 29% in Jan-26.
• Data from the Energy Information Administration shows the US share of world crude production rising from 10% in Jan-14 to 35% in Jan-26.
• The report was published on 30 September 2026 by the Bank of America Institute.
• Liz Everett Krisberg serves as Head of the Bank of America Institute.
• David Michael Tinsley serves as Senior Economist at the Bank of America Institute.
• Francisco Blanch serves as Commodity Strategist at BofA Global Research.