FX.co ★ Russia’s oil exports to US grow rapidly

Bloomberg reported that oil exports from Russia to the US continued to increase rapidly. Analysts note that it was caused by reduced petroleum shipments from Venezuela.

According to a report by Russ Dallen, Caracas Capital Market managing partner, 13 tankers delivered almost 5 million barrels of Russian oil and oil products to the US in the first half of May. Besides, more supplies are en route, Mr Dallen stresses. The analyst supposes that American petroleum refineries may triple their intake of oil from Russia by the end of this month.

Experts say that Russia exported about 16 million barrels of oil and oil products to the US during the period from January to February. However, last year the indicator reached 20 million barrels.

The US Energy Information Administration data showed that about 137 million barrels of oil and oil products were shipped from Russia for all of 2018.