Gold Costs Drop Below $2000 After Explosive Rally

Russia’s exports of petroleum products to the United States more than doubled in the principle half of 2020 when in contrast to the identical duration final yr, reaching their top seemingly ranges since no longer lower than 2004, Russian outlet RBC reported, citing Russian customs files.

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

The U.S. was Russia’s 2nd-excellent purchaser 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 files showed.

The U.S. has been importing higher volumes of Russian petroleum products since April final yr, in accordance to files from the U.S. Vitality Recordsdata Administration (EIA).

Within the principle half of 2020, U.S. importers interestingly discovered Russian oil products more tender by methodology of pricing, and moreover they additionally had to change oil products from Venezuela which is under U.S. sanctions, Raiffeisenbank analyst Andrey Polischuk instructed RBC, commenting on the develop in Russian oil exports to the United States.

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

Venezuela’s heavy crude oil is honest to direction of in complex refineries on the U.S. Gulf Flee, however the sanctions receive decrease off Venezuelan oil flows to the United States.  

Closing yr, when the U.S. began slapping sanctions on Nicolas Maduro’s regime, refiners began to elevate their imports of fuel oil from Russia, importing a memoir-high volume of 11 million heaps for the stout yr 2019, double the fuel oil imports from Russia in the outdated yr.  

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

By Tsvetana Paraskova for Oilprice.com

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