US crude oil exports to Europe from January to May surpassed exports to Asia. It’s the first time Europe has overtaken Asia since 2016, when the US lifted its ban on oil exports. The shift in flows comes as Russia’s invasion of Ukraine upends the global market. Loading Something is loading.
Europe passed Asia as the largest consumer of US crude oil for the first time in six years as Russia’s war on Ukraine reorders global energy markets.
From January to May, the US exported 213.1 million barrels to Europe and 191.1 million barrels to Asia, according to Census Bureau data compiled by Bloomberg.
That’s the first time Europe has topped Asia since 2016, when the US lifted its ban on crude oil exports. Asia’s imports of US oil during the January-May period have been relatively flat in recent years while Europe’s have been well below 200 million barrels.
The shift in consumption exemplifies how Russia’s war on Ukraine has spurred upheaval throughout global energy markets.
In particular, Europe is swiftly attempting to move away from dependence on Russian energy and exploring other sources. The US was already sending large swathes of liquefied natural gas to Europe, triple the amount exported in 2021, with Europe also overtaking Asia as the top destination of US LNG this year.
Yet Russia is still making quick cash for its crude, as China, India and Saudi Arabia scoop up discounted supplies shunned by the West.
In fact, Saudi Arabia has more than doubled imports of Russian oil to feed domestic power markets to make room for its own crude exports.
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