Market updates and forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Europe has become the largest buyer of American oil


July, 15 2022
watermark Economic news

Europe has become the largest buyer of American oil for the first time in 6 years, overtaking Asia in terms of hydrocarbon imports. 


In particular, according to the US Department of Commerce, in the period from January to May, European countries purchased 213.1 million barrels of oil, and the countries of the Asian region – 191.1 million barrels. The last time such a situation was six years ago, when the United States abandoned the ban on oil exports.


Analysts note that since Europe is now trying to reduce its dependence on Russian energy carriers and is switching to American oil, the current model of trade flows is likely to continue. 


However, it is worth noting that despite the fact that production in the United States is growing, these volumes are still not enough to meet the needs of both Europe and Asia. In addition, the Middle East has limited opportunities to increase production and supplies to Europe.


Experts believe that much will depend on whether OPEC will be able to increase its production capacity in the coming year and what market share it will be able to regain.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.