Major players are turning to American crude as the United States has become the world’s largest exporter of crude oil since the outbreak of the Ukraine conflict. writes about this Bloomberg.
The publication notes that US oil exports have set five new monthly records since Western countries began imposing sanctions on Russia in 2022. With trade restrictions on Venezuela extended in April, U.S. supply is beginning to displace oil from sanctioned countries in India, one of the largest buyers of illicit oil.
It was stated that this change underscores how sanctions have helped US crude oil capture market share around the world. While U.S. crude has long been the world’s primary flexible crude, the disruption in energy flows following Russia’s invasion of Ukraine has created new demand for U.S. barrels. Shipments to Europe and Asia increased, and the United States became one of the world’s largest exporters.
The agency states that record production in the United States, which grew due to supply cuts by OPEC and its allies, also helped American producers gain a stronger position in foreign markets.
Physical oil prices reflect this; The WTI crude oil price in Houston is trading near its highest levels since October, and the benchmark sour crude Mars price is not far off them.
Before this it was known how decreased Russia’s dependence on exports.
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