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- US oil exports to Europe have surged to the highest point since Washington lifted its export ban in 2016.
- The US sent 48.8 million barrels of oil to Europe from major terminals in Texas and Louisiana last month, per Bloomberg.
- Meanwhile, the EU is expected to announce as soon as this week plans for a phased-in embargo on Russian oil.
US crude shipments to Europe in April hit their highest level since Congress lifted the ban on exports of domestic oil six years ago.
The US sent 48.8 million barrels of oil to Europe last month from major terminals in Texas and Louisiana, according to data complied by Bloomberg. That accounts for almost half of what the US shipped from the Gulf Coast, the country's top oil export hub.
The surge in US supplies heading to Europe comes as buyers in the EU continue to self-sanction by refusing to do business with Moscow since its invasion of Ukraine.
Russia has been able to find alternative markets for its oil, especially to Asia, though the shipments have had to travel much further distances.
Meanwhile, the EU is expected to announce as soon as this week plans for a phased-in embargo on Russian oil as part on another package of sanctions on the Kremlin.
The trading bloc edged closer to an embargo after Germany last week said it no longer opposed such a sweeping move. Still, Vice Chancellor Robert Habeck said Monday that an embargo would damage the European economy.
"We will be harming ourselves, that much is clear," he said ahead of an emergency meeting of EU energy officials, according to the Financial Times. "There's no way this won't come at a cost to us."
Hungary, for its part, has also acknowledged the financial strain that could befall Europe, and it has remained vocal in opposing an oil embargo.
source https://markets.businessinsider.com/news/commodities/us-oil-exports-surge-eu-embargo-russia-crude-ukraine-sanctions-2022-5