Following the imposition of sanctions against Russia in 2022, the United States achieved a remarkable feat by setting five consecutive monthly records for exporting domestically produced oil, as reported by Bloomberg.

This surge in U.S. oil output coincided with efforts by OPEC and its allies to curtail their own production. Consequently, American producers seized the opportunity to penetrate new foreign markets that were previously dominated by OPEC and its allies.

One such example is India, the third-largest importer of oil globally and the second-largest buyer after China, which is now experiencing a surge in American oil imports.

According to Kpler, a company tracking oil shipments to India, U.S. crude shipments to the country are set to reach their highest level in almost a year in March.

Meanwhile, Russian oil imports have plummeted by approximately 800,000 barrels per day from last year's peak, according to Bloomberg tanker tracking. This decline may deepen further, as Indian refineries have ceased to accept cargo from tankers owned by the state-owned PJSC Sovcomflot, which recently fell under U.S. sanctions.

In addition, Indian oil refiners have halted purchases from Venezuela ahead of the impending expiration of American sanctions next month, resulting in a significant reduction in shipments.

While the United States has long been a global leader in oil supply, the disruption to energy flows following Russia's invasion of Ukraine has created a surge in demand for U.S. barrels. Shipments to both Europe and Asia have surged, propelling the U.S. into the ranks of the world's largest oil exporters.