US Oil Exports to Europe

Many became concerned about the impact of a Russo-OPEC oil partnership when the announcement was made this year. OPEC member countries scaled back oil production last year to what they deemed “favorable” output. However, the surprising surplus of US oil this year has opened access to new source of European distributors who previously sourced oil supplies from Brent and Caspian Sea crude. US oil is cheaper, and European refineries are testing West Texas Intermediate (WTI). Exports are already 5% higher than this time last year. Record gains this year are certain. It’ll be interesting to see how oil stocks and revenues reflect that.

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