The US surpassed Russia in terms of oil exports to the European Union, according to numbers released by Eurostat on Tuesday. 

While Russian exports have fallen to an all-time low from 31% to 4%, the US has become the EU's main oil exporter in the year 2022, the agency reports.

"The decline in imports from Russia was compensated by a rise in imports from other sources. In December 2022, the biggest suppliers of crude oil were the United States ... and Norway," as per a statement released by the agency.

About 18% of the EU's total oil imports in December 2022 were supplied by the US, the statement reads, noting that Norwegian oil accounted for up to 17% of aggregated oil supplies in 2022. 

The U.S. came out on top in oil shipments to the European Union, while Russia's share has fallen from 31% to 4% since January, according to Eurostat.

In addition, the price for Russian Oil (Urals) is in freefall for months now.#Europe #Russia #EU #UkraineRussiaWar pic.twitter.com/tZveBta0wp

— TheLazyEuropean (@TheLazyEU) March 28, 2023

Gas exports from Libya and the UK have also increased, while imports from Kazakhstan and Iraq has remained at the same levels.

Among the reasons cited in the statement, the changes are owed to shifts in the geopolitical situation, particularly to Russia's special military operation in Ukraine and the West's sanctions on Russia. 

Prior to the start of the conflict, the price of a barrel was stabilized at $80. But after the outbreak on February 24, volatility became the trend in energy markets, with prices of crude oil averagin $100 per barrel in 2022.

In December 2022, the EU imposed an embargo on Russian crude oil coming in by sea and agreed with its G7 partners to impose a price cap on Russian oil at $60 per barrel.

In retaliation to the price cap, President Vladimir Putin signed a decree on February 1 to ban the sales of crude oil to countries abiding by the Western-led price cap on Russian oil.

Read more: G7 opposes lowering price of Russian crude oil from $60: WSJ