• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 22 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 6 mins Putin Paid Militants to Kill US Troops
  • 15 hours Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 23 hours Biden admits he has been tested for Cognitive Decline several times. Didn't show any proof of test results.
  • 1 hour Victor Davis Hansen on Biden's mental acuity " . . unfit to serve". 1 out of 5 Democrats admit it. How many Dem's believe it but will not admit it?
  • 18 hours Apology Accepted!
  • 14 hours Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 1 hour Is OilPrice a cover for Green Propganda
  • 16 mins In a Nutshell...
  • 15 hours The Political Genius of Donald Trump
  • 22 hours Why Oil could hit $100
  • 2 days Biden came out of his basement today (Thursday) and said , "we have 120 Million deaths from Covid 19.
  • 2 days U.S. natural gas at major disadvantage in Europe and China.
  • 20 hours Per most popular Indian websites it was Indian troops not Chinese troops breach of LAC that caused the clashes. If you know any Indian media that claim to the contrary please provide the link

Breaking News:

Japan Bets Big On Mozambique LNG

Chinese Oil Majors Could Form A Powerful Buyers Club

Chinese Oil Majors Could Form A Powerful Buyers Club

China’s state-owned oil companies—Sinopec, CNOOC,…

Russia’s Oil Product Exports To U.S. Surge Amid Sanctions On Venezuela

Russian exports of oil and oil products to the United States surged in the last week of February to their highest level since 2011, with Russia taking advantage of the Venezuelan collapse, Russian news outlet RBC reports, quoting investment bank Caracas Capital Markets as saying in a note to clients.

At least nine tankers delivered 3.19 million barrels of oil and oil products of Russian origin to U.S. ports in the week February 23 to March 1, according to Caracas Capital Markets, which specializes in Venezuela. These 3.19 million barrels is the largest volume of Russian oil deliveries “we have seen since 2011,” Russ Dallen, Caracas Capital Markets Managing Partner, wrote in the note, as carried by RBC.

Most of the Russian oil deliveries were naphtha and fuel oil, and tankers from Novorossiysk and St Petersburg, among others, shipped the oil products to U.S. ports, Caracas Capital said, citing the U.S. database of shipping documents.  

The rise in Russian oil shipments to the U.S. is the result of the U.S. markets adapting to the loss of Venezuelan oil, RBC quoted the bank as saying.

Ironically, Russia—the staunchest supporter of Nicolas Maduro’s regime in Venezuela—is benefiting in the U.S. oil market from the U.S. sanctions on Maduro’s government, on the state oil firm PDVSA, and on the Venezuelan oil industry.

Meanwhile, Venezuela’s crude oil exports to the U.S. are dropping.

U.S. crude oil imports from Venezuela slumped to just 83,000 bpd in the week to March 1, compared to 208,000 bpd in the previous week, according to EIA’s preliminary data on crude oil imports by top 10 countries of origin, ranked based on 2017 data.

The U.S. sanctions on Venezuela are also prohibiting U.S. exports of naphtha to the Latin American country which uses the product to dilute its heavy crude. But Russia’s Rosneft is said to be coming to the rescue with shipments of heavy naphtha to Venezuela expected in the next few weeks, Bloomberg reported earlier this week, citing shipping reports and a source with knowledge of the plans.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News