US oil and petroleum exports hit a record 10.6 million barrels a day in the week ending April 15, new data shows. The spike reinforces the US’s position as a last-resort energy supplier while sanctions squeeze Russian exports. Additionally, US exports outweighed imports by the largest-ever margin, Bloomberg reported. Loading Something is loading.
American oil and petroleum exports skyrocketed to their highest weekly volume ever during the week ending April 15, according to data from the Energy Information Administration.
Last week, weekly exports from the US hit a record 10.6 million barrels a day, reinforcing the country’s position as a last-ditch energy supplier as other nations slow their uptake of Russian oil.
Additionally, US outgoing cargoes outweighed its imports by the largest-ever margin per government data dating back to 1990, Bloomberg reported.
The US has ceased purchases of Russian oil and the UK is expected to wean off of it by the next year. But, according to Bloomberg, more energy buyers in Asia are snapping up Russian oil at discounted prices, and there’s been a surge in shipments being sent to the Mediterranean.
Meanwhile, Russian cargoes have had to travel much further distances to reach buyers since Moscow’s usual export markets have shrunk as some countries self-sanction from Russian energy.
What’s more, Russia’s state-run oil producer, Rosneft, is racing to sell its crude before tighter sanctions take hold, and opened sales up for purchases in dollars, euros, yuan, and other currencies, despite Putin’s call for ruble-only deals.
The European Union is gearing up for a fresh round of sanctions, which are set to include new restrictions on Russian energy.
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