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Europe turns away from US crude oil as imports hit two-year low in June

Monday, 08 July 2024 | 00:00

As European crude oil buyers and users turn to regional suppliers, US shipments to the continent fell again in June, reaching a two-year low.

According to US media and trading sources, exports of US crude coming into Europe slowed to 1.45 million barrels per day (mbpd) last month, the lowest for any month since July 2022, and down 27% from June 2023.

As well as regional European suppliers, buyers were also looking to purchase from African sellers, mainly because of narrowing prices, thus making local sources more economically attractive.

Total crude exports from the US in June were almost 4mbpd, down more than 7% from May, although the country’s oil and gas exports have been increasing over the past decade, not least because of the rapid and far-reaching development of shale fields.

However, in what is being viewed as a setback for the Biden administration’s climate change plans, a US federal judge has now blocked the US Government from continuing to pause the approval of applications to export liquefied natural gas (LNG).

Just a few weeks ago, it was revealed that global consumption of fossil fuels such as coal and oil climbed to a record high last year, causing emissions to rise above 40 gigatonnes of carbon dioxide for the first time, said a report released by the Energy Institute.

Fossil fuel consumption rose by 1.5% to 505 exajoules, despite a concurrent rise in the use of renewable energy in 2023.

While advanced economies may have reached peak emissions from the energy sector, developing economies are continuing to increase their use of coal, gas and oil, according to the report.
Fossil fuels made up 81.5% of the world’s total consumption of energy, down from 82% a year before.

With a US presidential election looming in November 2024, stark differences are emerging about how the US’s energy market should move forward, either adopting more fracking and extraction, or more renewables.

As the world moves towards greener technologies, Biden’s administration is banking on long-term security by making the US a green leader. Under Trump, Republicans would be likely to back dominance and immediate security through a “drill, baby, drill” approach.

“Europe turns away from US crude oil as imports hit two-year low in June” was originally created and published by Offshore Technology, a GlobalData owned brand.
Source: GlobalData

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