Europe became the largest buyer of American oil, for the first time in six years

Europe overtook Asia and became the largest buyer of American oil.

This is reported by the Bloomberg agency.

In January-May, Europe bought 213.1 million barrels of oil, and Asia — 191.1 million barrels, according to data from the US Department of Commerce. The last such case was six years ago, when the United States abandoned the ban on oil exports.

"As Europe tries to reduce its dependence on Russian energy sources and switch to American oil, it is likely that the current pattern of trade flows will persist for a long time," reported Energy Aspects oil analyst, Christopher Gaines.

According to him, production in the US is growing, but not fast enough to meet the needs of both Asia and Europe. In addition, the Middle East appears to be limited in its ability to increase production and supply to Europe.

According to ESAI exploration and production analyst Elizabeth Murphy, all attention will now be on whether The Organization of the Petroleum Exporting Countries (OPEC) can increase output next year and how much market share it can regain.