U.S. Set to Ship Record Crude Into 2023 as Energy Crisis Deepens
Aug 30, 2022
(Bloomberg) US crude sales overseas are set to hit fresh records through next year as American oil increasingly takes market share in Europe. Earlier this month, weekly government figures showed an unprecedented 5 million barrels a day of US crude being exported. Shipments are poised to average over 4 million barrels a day over the next few months and into next year, according to the most optimistic in the oil industry. In a world grappling with one of the worst energy crises in history, the US is steadily becoming the go-to supplier of incremental barrels. It’s likely to remain in that position as OPEC+ spare capacity is limited and the EU looks to wind down most Russian crude purchases in December. Fuel prices soared after Russia’s invasion of Ukraine upended flows, while “extreme” volatility in the oil futures market as a result of low liquidity has prompted