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Europe Becomes Top Market for US Crude as War Upends Trade

  • Asia imports less US crude than Europe in a first since 2016
  • Russia offers deeply discounted oil to Asia as Europe shuns it
A refinery in Memphis, Tennessee.

A refinery in Memphis, Tennessee.

Photographer: Luke Sharrett/Bloomberg

Europe has surpassed Asia to become the top consumer of American oil for the first time in six years. 

From January to May this year, Europe took an average of about 213.1 million barrels of crude while Asia received 191.1 million barrels, according to the latest available US Census Bureau data. The last time Asia’s volumes fell behind Europe for the same five-month period was in 2016, when the US reversed its crude export ban, data show.