A year removed from Russia’s invasion of Ukraine, US crudeexports continue to see strong volumes, while new trends have begun to emerge in flows as the global oil landscape has shifted.US crude export volumes saw a record year in 2022 as acombination of increased demand from Europe and addedsupply from increased US production and a flood of crude fromthe US Strategic Petroleum Reserve supported export volumes.Indeed, total US crude exports over 2022 averaged 3.602 millionb/d, up from the previous record set in 2020 of 3.166 million b/d,according to official US Census Bureau data. Following the Feb.24, 2022, Russian invasion of Ukraine, many European end-usersbegan to move away from Russian feedstocks, giving a boost todemand for barrels out of the US. Indeed, from March throughDecember of 2022, US crude exports to Europe averaged 1.557million b/d, surpassing even those to Asia over the period whichaveraged 1.548 million b/d, Census Bureau data showed. Over thesame period in 2021, US crude exports to Europe averaged 1.12million b/d, while those to Asia averaged 1.381 million b/d.
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