• US oil exports have set five new monthly records since Western nations began imposing sanctions on Russia in 2022. And with trade restrictions on Venezuela set to renew in April, American barrels are beginning to displace sanctioned crude in India, one of the biggest buyers of illicit oil.
• The shift underscores the extent to which sanctions have helped American crude capture market share around the world. While US oil has long been the world’s go-to flex barrel, the disruption of energy flows after Russia’s invasion of Ukraine created new pull for American barrels. Shipments to Europe and Asia surged in the aftermath, transforming the US into one of the world’s largest exporters.