US crude’s global footprint can only grow amid tectonic shifts in oil flows
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THE Covid-19 pandemic, war in Ukraine, multiple conflicts in the Middle East, and the emergence of new crude suppliers have together altered the world oil flow map drastically in recent years.
One such change is the phenomenal growth of US oil production and crude exports, which has dramatically reshaped oil flows to both Europe and Asia.
According to S&P Global Commodity Insights, US crude exports have grown more than 36 per cent from as low as 2.98 million barrels per day in 2019 to 4.06 million barrels per day in 2023. Europe, which has actively scouted to find replacements for Russian crudes, accounted for 49 per cent of those exports while Asia took up 45 per cent of the US crude export share in 2023.
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