U.S. Oil Production and Exports Surge as Sanctions Reshape Global Energy Flows
• U.S. crude oil production and exports hit new highs in 2023 as sanctions reduced Russian and Venezuelan oil exports.
• Europe became the largest buyer of U.S. crude in 2023, replacing a large portion of pre-war Russian oil imports.
• The Netherlands received the most U.S. crude exports, followed by China which more than doubled its 2022 import volumes.
• India has slowed Russian oil imports due to tighter U.S. sanctions enforcement and may suspend Venezuelan oil purchases if sanctions relief isn't renewed.
• India and Europe are looking to diversify crude supply away from OPEC+ and Russia, providing opportunities for U.S. crude.