OPEC+'s recent moves allowed the United States to win in the battle for oil market shares. Record oil output helped American producers gain a bigger foothold in overseas markets.
In its latest report, Bloomberg said that the US is gaining the upper hand thanks to OPEC+ oil production curbs and global sanctions that have forced some countries to turn away from oil from Russia and Venezuela. US exports have set five consecutive monthly records since 2022. Notably, the US is exploring new markets where OPEC+ countries previously ruled.
Meanwhile, India refuses to buy oil at prices above a set ceiling. As a result, US oil shipments to Asia and Europe are booming, making the US a key player in the global export arena.
“US production is going up and OPEC and Russian production is going down — so the US, by definition, is going to have more market share,” Gary Ross, a veteran oil consultant turned hedge fund manager at Black Gold Investors LLC, said. By the way, India reduced its purchases of Russian oil by an impressive 800,000 barrels per day. In March, Europe, not lagging, updated records by purchasing 2.2 million barrels of US oil daily.
What is more, Reliance Industries, operator of one of the world's largest refining complexes, is spectacularly refusing Russian oil that has fallen under US sanctions.