Europe has surpassed Asia to become the top consumer of American oil for the first time in six years.
From January to May this year, Europe took an average of about 213.1 million barrels of crude while Asia received 191.1 million barrels, according to the latest available US Census Bureau data. The last time Asia’s volumes fell behind Europe for the same five-month period was in 2016, when the US reversed its crude export ban, data show.
In an effort to cut off funding for Putin’s war, the US and other nations have imposed sanctions on Russian oil. As a result, more European nations have turned to the US for oil imports, while Russia offers its crude atAs Europe tries to lessen its dependence on Russian energy and switches to sweeter crudes to replace Russian oil, it’s likely these trade-flow patterns persist, Christopher Haines, global crude analyst for Energy Aspects, said by email.
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