US crude oil exports hit a record high last week, as the West scrambles to find alternatives to Russian supplies. Exports totaled 4.55 million barrels a day, up 21% from the prior week, according to the Energy Information Administration. The combined exports of crude and oil products also rose to a new all-time high, surging 16% to 10.87 million barrels per day. Loading Something is loading.
US crude oil exports hit a record high last week, as the West scrambles to find alternatives to Russian supplies.
Exports totaled 4.55 million barrels a day, up 21% from the prior week, according to data from the Energy Information Administration.
The combined exports of crude and oil products also rose to a new all-time high, surging 16% in the span of a week to 10.87 million barrels per day.
The surge in exports helped lower US oil inventories by 4.5 million barrels to 422.1 million barrels last week, sending West Texas Intermediate crude prices up 3% to $97.91 a barrel and Brent crude up 2.3% to $106.33 on Wednesday.
Since Russia invaded Ukraine, Western nations and companies have banned Russian oil imports or self-sanctioned.
The US has already imposed a Russian oil embargo, while the European Union will implement a partial ban by the end of the year.