US crude is likely to undercut Brent prices in 2023 to continue an export boom that has benefitted the VLCC sector, US data suggests.

The US Energy Information Administration (EIA) said the price difference between Brent and its West Texas Intermediate (WTI) equivalent is likely to widen further in 2023 after a year that has seen US exports hit record levels.

European buyers have looked to the US and Asia to fill the supply gap before a full ban on Russian crude starts later this year in a shifting of trade routes that is starting to benefit the largest crude carriers.