Oil prices in Africa and Europe are falling as U.S. crude oil exports rebounded in early May.
U.S. crude oil exports are rebounding this month, dragging down the prices of physical crude grades in Europe and Africa amid a relatively tepid market, traders told Bloomberg on Friday. After a temporary dip in April, U.S. crude flows to Europe have rebounded so far in May, according to vessel-tracking data that Bloomberg has compiled. In the first three weeks of May, observed U.S. crude oil exports to Europe are estimated to be on the rebound and to average at least 2.
crude oil exports over the past year, especially to Europe. The WTI crude oil included in determining the Dated Brent price is delivered into Rotterdam, a large crude oil storage and trading hub in the Netherlands. As a result, the Netherlands received more U.S. crude oil exports than any other country in 2023, averaging 652,000 bpd, per EIA estimates. In total, U.S. crude oil exports to Europe averaged 1.8 million bpd last year, slightly more than U.S. exports to Asia and Oceania of 1.
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