US replaces Russia as Europe’s biggest crude oil supplier

 

The conflict between Russia and Ukraine, along with the resulting sanctions and restrictions on Russian energy exports, led to a significant shift in the European Union's energy supply.

The US has become the largest crude oil supplier to the EU, with a share of 18% in December 2022, while Russia's proportion of Europe's natural gas imports has decreased to approximately 19% by the end of the year.

The EU was able to adjust to the changing oil market scenario and reduce its dependence on Russian oil by diversifying its suppliers, with the United States, Norway, and Kazakhstan becoming its largest crude oil suppliers. However, India and China have increased their oil purchases from Russia.

The restructuring of the global oil market came at a cost, with the energy supply disruptions impacting both consumers and producers. Russian oil and gas production is anticipated to decline this year due to the shortage of European consumers.