Russia greater than doubled crude oil provides to the US and Britain in 2019, information from the Federal Customs Service (FCS) has revealed.
A fall in costs for the Russian Urals oil, mixed with US sanctions in opposition to Venezuela and Iran, have been among the many causes for such a rise in purchases.
In keeping with the information cited by enterprise information outlet RBC, in October Russia grew to become the second-largest provider of oil and petroleum merchandise to the US. On the finish of 2019, crude oil exports from Russia amounted to nearly $ 2.2 billion, 2.four instances greater than in 2018. In bodily phrases, the quantity of oil exports from Russia to the US surged from 1.eight million to four.7 million tons.
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Deliveries of Russian crude to the UK have greater than doubled, each in worth phrases (from $ 493 million to $ 1.2 billion) and in bodily phrases (from zero.98 million tons to 2.four million tons).
The truth that the US and Britain began shopping for extra Russian crude will not be politically motivated, says Andrei Polishchuk, an analyst at Raiffeisenbank. That is “easy economics,” he advised RBC, explaining that international locations select from whom to purchase solely from the viewpoint of revenue.
“Oil is offered by merchants; there are only a few direct contracts. Subsequently, to begin with, the worth is the foremost issue. Whether it is extra engaging than from different sellers, then patrons choose Russian oil,” he mentioned.
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Polishchuk famous that sanctions in opposition to Venezuela have been one of many causes that the US started to seek for extra volumes of oil, “and Russian oil turned out to be extra engaging” underneath these situations.
The whole quantity of Russian crude oil exports, based on the FCS, amounted to $ 121 billion in 2019. The biggest patrons have been China, the Netherlands and Germany.
America accounted for 1.eight % of Russian oil gross sales final 12 months, the UK for zero.9 %, and Turkey for 3 %.
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