Amidst the COP 28 climate summit, the U.S., despite advocating for decarbonization, is set to become the world's top producer and exporter of natural gas, refined products, and liquefied petroleum gas. The country achieved its highest-ever monthly crude oil production in September, hitting 13.2 million barrels per day. The lifting of the U.S. crude export ban has led to a surge in seaborne crude exports, reaching an all-time high of 4 million barrels per day, benefiting both energy producers and tanker owners. Europe, particularly since the Ukraine invasion, has significantly increased its purchases of U.S. crude, while Asia remains a key market, contributing to rising profits for VLCC owners.

SOURCE:GOOGLE