Europe has become the largest buyer of American oil

Europe has become the largest buyer of American oil for the first time in 6 years, overtaking Asia in terms of hydrocarbon imports. 

In particular, according to the US Department of Commerce, in the period from January to May, European countries purchased 213.1 million barrels of oil, and the countries of the Asian region – 191.1 million barrels. The last time such a situation was six years ago, when the United States abandoned the ban on oil exports.

Analysts note that since Europe is now trying to reduce its dependence on Russian energy carriers and is switching to American oil, the current model of trade flows is likely to continue. 

However, it is worth noting that despite the fact that production in the United States is growing, these volumes are still not enough to meet the needs of both Europe and Asia. In addition, the Middle East has limited opportunities to increase production and supplies to Europe.

Experts believe that much will depend on whether OPEC will be able to increase its production capacity in the coming year and what market share it will be able to regain.