The record-breaking oil production in the US, occurring at a time when OPEC and its allies are restricting their own output, has enabled American producers to establish a foothold in international markets.

American suppliers are making inroads into markets once dominated by OPEC and its allies.

For instance, India, the third-largest oil importer and the second-largest buyer after China, is the latest market experiencing an influx of American oil.

According to data from Kpler, a company tracking oil shipments to India, US oil deliveries to India in March are set to reach their highest level in almost a year.

Meanwhile, imports of Russian oil have declined by approximately 800,000 barrels per day from last year’s peak, as indicated by Bloomberg’s tanker tracking.

Russian shipments may decrease further as Indian refineries no longer accept cargoes from tankers owned by the state-run Sovcomflot, which recently came under US sanctions.

Simultaneously, Indian refineries have also halted purchases from Venezuela ahead of the expiration of American sanctions next month. These shipments are now expected to reach their lowest level in a year.

Although US oil has long been a global leader in terms of supply volumes, disruptions in energy flows following Russia’s invasion of Ukraine have created new demand for American barrels.

Deliveries to Europe and Asia have surged, transforming the US into one of the world’s largest exporters.

Click here for more News & Current Affairs at EU Today

Main Image: By Kremlin.ru, CC BY 4.0, https://commons.wikimedia.org/w/index.php?curid=124059363

_________________________________________________________________________________________________________