The United States exported the most oil and petroleum products ever exported — despite Joe Biden’s efforts to stop domestic production — during the week ending April 15. This was as countries around the globe try to replenish supplies after Russia’s war against Ukraine, which is oil-rich Russia.
The United States’ crude oil and petroleum exports soared to an all time high of 10.6 millions b/d in the week ended April 15. This was the highest weekly export volume since 1990, when government data showed that exports outweighed imports.
The U.S. is not as dependent on Russia for its energy imports as its EU counterparts. Typically, it imports less than 3% from Russia. The United States plays a significant role in filling the energy gap created by the majority of EU countries’ sanctions against Russia.
After Russia’s invasion, the U.S. became “the energy supplier last resort”, a status that allowed it to attract buyers for all things oil and gas. After multiple countries, including the U.S. and Canada, imposed severe sanctions on oil imports, most Western trading companies and firms have pulled energy investments.
Matt Smith, an oil analyst from Kpler told Bloomberg that strong exports were driven by Europe’s pull and that he expects strength in the coming weeks.
High demand for U.S. crude oil is also draining domestic supplies and driving up prices in an already tight market. According to the website, the U.S. crude oil stocks dropped by more than 8 million barrels, the largest drop in supply since January 2021.