"Global Oil Dynamics: US and Asian Markets Grapple with OPEC+ and Russian Crude"
US oil suppliers have capitalized on sanctions against Russian and Venezuelan oil, setting new export records and displacing sanctioned crude in markets like India. The disruption of energy flows after Russia's invasion of Ukraine has led to a surge in US shipments to Europe and Asia, making the US one of the world's largest exporters. With record production and reduced supply from OPEC and its allies, American producers have gained a larger foothold in overseas markets, reflected in rising physical oil prices. India is set to see a significant increase in US oil imports, while Russian and Venezuelan oil imports have declined due to sanctions and trade restrictions.
