US oil exports have seen a record rise since Western countries imposed sanctions on Russia and Venezuela. As a result, American producers became the main beneficiaries of these sanctions; They were able to capture a large share in the global market.

This success is attributed to several factors, including the increase in American production, as with the continued decline in OPEC and Russia’s production, the United States’ market share naturally increased, in addition to the sanctions on Russia and Venezuela, which led to a decrease in these countries’ exports. This created an opportunity for American producers to fill the void.

American oil is flexible and easy to refine. Making it an attractive option for refineries around the world.

Bloomberg reported that American shipments of oil to Europe reached a new record level in March. It reached 2.2 million barrels per day, and US oil exports to France rose by 40% in the period from 2021 to 2023, and US exports to Spain rose by 134% in the same period.