Vedomosti: US can’t say no to Russian oil productsREAD ALSO
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The export of petroleum products (gasoline, diesel fuel, fuel oil, naphtha, gas oil) from Russia to the United States by the end of this year may grow by 25% compared with last year to 175 mln barrel in physical terms and 1.5-fold to $6 bln in terms of value, Vygon Consulting analysts told Vedomosti. In the second half of the year, Russia will increase exports of oil products by 20-30%, experts said. At the same time, oil exports by the end of the year may decline 1.7-fold to 28 mln barrels and by a quarter in monetary terms to $1.5 bln, according to Vygon Consulting.
In early July, US presidential candidate Joe Biden spotlighted the sharp increase in hydrocarbon imports from Russia. The politician noted that this threatens the national security of the United States, and proposed restrictive measures.
However, in the next six months it will hardly be possible to do this, according to Vygon Consulting. The United States in 2019 refused to import raw materials from Venezuela. According to analysts, many refineries in America cannot run on light oil from Texas and shale fields. To avoid stopping production, the US is forced to buy raw materials from Russia.
In June 2020, Russia ranked fourth among major suppliers of crude oil and petroleum products to the United States, after Canada, Mexico and Saudi Arabia. Exports in June from Russia amounted to 16.54 mln barrels, the Energy Information Administration of the United States Department of Energy (EIA) said. According to Vygon Consulting, the total volume of oil and oil products exports from Russia to the United States in 2020 will be about $8 bln against $6 bln at the end of 2019.
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