• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 11 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 days Does Toyota Know Something That We Don’t?
  • 2 days America should go after China but it should be done in a wise way.
  • 7 days World could get rid of Putin and Russia but nobody is bold enough
  • 9 days China is using Chinese Names of Cities on their Border with Russia.
  • 11 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 11 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 11 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 10 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 1 min Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 10 days Putin and Xi Bet on the Global South
  • 11 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"

Russia’s Oil Product Exports To The U.S. Jump To 16-Year High

Russia’s exports of petroleum products to the United States more than doubled in the first half of 2020 compared to the same period last year, reaching their highest levels since at least 2004, Russian outlet RBC reported, citing Russian customs data.

Russia’s oil products exports to the U.S. jumped to 9.1 million tons between January and June 2020, up from 4 million tons for the same period in 2019.

The U.S. was Russia’s second-largest buyer of oil products – accounting for 12 percent of Russia’s petroleum products exports – after the Netherlands, which accounted for 16.3 percent of all oil product exports, the customs data showed.

The U.S. has been importing higher volumes of Russian petroleum products since April last year, according to data from the U.S. Energy Information Administration (EIA).

In the first half of 2020, U.S. importers apparently found Russian oil products more attractive in terms of pricing, and they also had to replace oil products from Venezuela which is under U.S. sanctions, Raiffeisenbank analyst Andrey Polischuk told RBC, commenting on the increase in Russian oil exports to the United States.

The U.S. has been raising its imports of fuel oil from Russia over the past year and a half after the U.S. imposed sanctions on Venezuela’s exports, Reuters reported last month, quoting data from Refinitiv Eikon.

Venezuela’s heavy crude oil is suitable to process in complex refineries on the U.S. Gulf Coast, but the sanctions have cut off Venezuelan oil flows to the United States.  

Last year, when the U.S. began slapping sanctions on Nicolas Maduro’s regime, refiners started to raise their imports of fuel oil from Russia, importing a record-high volume of 11 million tons for the full year 2019, double the fuel oil imports from Russia in the previous year.  

ADVERTISEMENT

In July 2020, Russia exported 1.078 million tons of fuel oil to the United States, equal to more than 7 million barrels, and a 16-percent increase on June as U.S. refiners had to replace lost barrels of Venezuelan heavy oil following U.S. sanctions on Caracas.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News