US overtakes Russia as Europe's primary crude oil supplier.

The US has surpassed Russia as the top oil supplier to Europe, accounting for about 18% of the EU's total imports in December 2022, as sanctions targeting Russia's energy sector took hold. Russian oil imports to the EU have fallen to 7.6 million barrels, representing about 4% of the EU's total oil imports and less than one-fourth the amount imported from US sources. The EU's imports of Russian oil are likely to continue to decline given that the sixth package of EU sanctions included a ban on Russian crude oil transported by sea.