US oil is stealing market share from OPEC+

Surging U.S. oil production and shifting global oil flows amid geopolitical flare-ups have boosted American crude exports to record-high levels in recent months. Now U.S. oil is encroaching on the key markets of the OPEC+ group, which has been restricting supply in an effort to boost oil prices.

From Europe to Asia, buyers are purchasing more U.S. crude as sanctions against Russia and uncertainty over Venezuela’s sanctions relief renewal are making refiners anxious about importing Russian and Venezuelan crude. Europe has also turned to more U.S. oil as shipments from Asia are now taking longer to deliver cargo. Due to the Houthi attacks on commercial shipping, tankers mostly avoid the Red Sea/Suez Canal route – the fastest shipping lane from Asia to Europe – and are heading to the Cape of Good Hope around Africa.

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Source: Oil & Gas 360

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