Europe has overtaken Asia to become the largest buyer of US oil for the first time in six years. It is reported by Bloomberg.

From January to May this year, Europe received an average of about 213.1 million barrels of oil, while Asia received 191.1 million barrels.. The last time a similar situation was observed in 2016, when the United States lifted the ban on oil exports..

Such changes highlight how significantly Russia's invasion of Ukraine has redirected energy supplies.. In an attempt to stop funding Russia's war against Ukraine, the US and other countries have imposed sanctions on Russian oil.. As a result, more European countries have turned to the US for oil imports, while Russia is offering its oil at deep discounts to countries like India and China that have not imposed bans..

As Europe wants to reduce its dependence on Russian energy and seeks to replace Russian oil, these trade flow patterns are likely to continue, says Energy Aspects analyst Christopher Haynes..

U.S. oil production is growing, but not fast enough to meet demand in Asia and Europe, analyst says. In addition, the Middle East is likely to be limited in its ability to supply Europe..

The largest suppliers in the region, in particular Saudi Arabia and the UAE, are already trying to meet their production obligations under the OPEC+ agreement.. Other suppliers, such as Libya, face political unrest that restricts exports.

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Earlier it was reported that the United States and allies are discussing the possibility of setting a ceiling price for Russian oil..

Allies are exploring several ways to limit Russia's oil revenues while minimizing the impact on their economies..