Despite being subject to a range of sanctions imposed by Washington, Russia has managed to become the second-largest foreign supplier of fuel to the US after Canada, shipping increasing volumes of crude oil and refined products to meet US’s rising demand, FXStreet reports.
The oil imports from Russia by the US reached record 844,000 barrels per day in May after staring with 185,000 b/d in the first half of the year, and kept the upward trend in June and July with around 300,000 b/d and products at 500,000 b/d, even with Opec-plus production rising again.
The article also mentions that Russian fuel exports to the US is now more than double the volumes the country is getting from Saudi Arabia, which is more focused on the lucrative Asian market.
The US tends to pick up the less common export grades from Russian ports like the East Siberia-Pacific Ocean crude with 100,000 b/d in May, Varandey and Sokol with 30,000 b/d of each and the staple grad Urals, 20,000 b/d of which were imported.
Though WTI remained mostly unchanged above $69.00, the increased oil demand from the US should favour the energy prices, especially in light of calls from the US administration urging OPEC+ to increase oil output further.