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U.S. crude exports set a new record as Europe struggles to replace Russian oil supplies amid the superpower’s war against Ukraine.
Exports rose 21% to 4.55 million barrels per day during the week ending July 22, according to Energy Information Administration data released Wednesday. Total shipments of crude oil and petroleum products also rose to the highest level on record.
Those strong flows are likely to continue in the coming weeks as the spread between U.S. and global oil benchmarks continues to widen, incentivizing exports. That’s partly due to emergency U.S. crude releases that have added to supplies, while the rest of the world grapples with shortages.
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