International oil prices have recently turned heads, as U.S. crude oil sales overseas are set to hit a new record by 2023 as U.S. oil gains market share in Europe. Earlier this month, U.S. crude exports hit an unprecedented 5 million barrels per day (bpd), according to weekly government data.
EIA data shows that last week, the US Strategic Petroleum Reserve (SPR) inventory fell by 8.091 million barrels to 453.1 million barrels, a drop of 1.75%, the largest since the week of August 20, 1982, and the 50th consecutive weekly decline. .
The U.S. will average more than 4 million barrels a day in the coming months through 2023, according to the most optimistic sources in the oil industry.
As the world grapples with one of the worst energy crises in history, the United States is slowly emerging as the top supplier of increased oil production. That is likely to continue as OPEC has limited spare capacity and the European Union plans to reduce its purchases of Russian crude in December.
In the next two years, U.S. suppliers, which have market share in Europe, may maintain their market share, while other producers, such as the North Sea and West Africa, will see erratic production growth.
In addition, according to foreign media reports, the Saudi energy minister answered questions from the US media in writing, suggesting that OPEC+ (referring to 13 OPEC members and 11 other non-OPEC countries) may cut production in the future. Crude oil prices stabilized and rose on the news, with Brent recovering above $100 a barrel. Natural gas prices are strong, and it is difficult to fall.