Posted on 03/28/2023 6:36:51 PM PDT by DeathBeforeDishonor1
The United States is now the biggest supplier of crude oil to the European Union.
In December, 18% of the bloc’s crude imports came from America, EU data office Eurostat said Tuesday.
That is a big turnaround. Russia was until recently the bloc’s top supplier of crude, accounting for as much as 31% of total imports until the end of January 2022, according to Eurostat. The US, meanwhile, came a distant second, with a maximum 13% share.
But Moscow’s invasion of Ukraine in February last year led to an upheaval in Europe’s energy supplies.
EU states slashed their imports of Russia’s energy, and the bloc imposed sanctions on the country’s oil and coal exports.
In December, the European Union banned imports of Russian seaborne crude and introduced a price cap barring shippers, insurance brokers and other companies from providing their services if oil was bought for more than $60 a barrel.
US crude exports to Europe were rising before the war, though Russia’s invasion had increased the need to ramp up deliveries from alternative sources, said Jay Maroo, a senior analyst at data provider Vortexa.
(Excerpt) Read more at cnn.com ...
Don’t you know that CNN is a pro-Putin propagandist outlet? /s.
The ready reserve is at its lowest point since 1984 and it has been reported at least some of its oil wound up in China and elsewhere through various intermediaries.
Germany pays 6x more than it did to Russia, but the
Bidens need the money for the pipeline bombing and the
BigGuy.
Russia has sold all the oil the EU and USA stopped buying
to China and India, mainly.
That should help with inflation. /s
And don’t forget this concerning LNG:
President Biden on Nord Stream 2 Pipeline if Russia Invades Ukraine: “We will bring an end to it.”
My guess is just mis leading and lazy writing as always. They’re probably getting less oil overall and because they’ve diversified their sources the percentage from each source is increased..of course they leave out the their diversified sourcing, are still getting the oil from Russia and if add them together and rename it Russia sourcing Russia is still their biggest supplier. Actually, reading CNN doesn’t give you much in terms of how things really work. I’d recommend trying other sources.
“US has replaced Russia as Europe’s top crude oil supplier”
Well considering the HUGE DISCOVERY that was found just over a year ago, it OBVIOUSLY meant that we’d be sending out our surplus.
(unfortunately the SPR will soon be empty, even if the Ukraine War types don’t realize it)
4.9 million BD (barrels per day) of crude oil
11.9 BD total petroleum products.
*2022 was the USA’s biggest year for exports of refined petroleum products and crude oil.
Expect 2023 to exceed 2022.
This Government Policy in action.
*11.9 million BD
eia.gov (Energy Information Agency).
Regular jumped up 50¢ in the central Indiana area this morning.
Europe was on average paying a bit under US $83/ barrel for Brent Crude in Feb. 2023.
https://fred.stlouisfed.org/series/MCOILBRENTEU
Globally (several sources agree) Brent Crude is running around $78 / Barrel. I’m not sure if the difference might be shipping cost.
Russian Urals Crude is currently trading at $54 a barrel (due to deep discounts to China and India, etc.) Transport to India and China can add up to $15 / barrel depending on the source, if the oil is shipped by sea.
The whole idea of the price caps and other “pressures” is to keep global supply strong, but diminish Russia’s profits.
$78 / barrel for Brent crude (globally) is not great — the US could definitely produce more without Biden in the way, but it is a much more livable price than $120 / barrel or more.
The real story (besides Biden’s obstructions) is Russian gov’t revenue(s), which as reported by the Russian Ministry of Finance were miserable in Jan. and Feb. of 2023.
The correct policy would have been to go on a crash basis to increase US production, mainly by getting out of the way!
In absence of a US ban on exports (you know, MORE gov’t interference in the markets), demand was sure to increase exports.
A true “war for oil.”
Well, yes, but that fact has dramatically increased inflation and reduced the standard of living in Europe.
Gas prices only up a few cents in mid-South USA the past week or so, but, large eggs went back up to $2.88 / doz. at Aldi, nearly a $1 “recovery”. (Now I don’t feel bad keeping our price for free range extra large (and multi-colors!) eggs @ $3 / doz.) ;-)
Does eia.gov open admit squeams to get Russian oil through?
“Germany pays 6x more than it did to Russia”
No it doesn’t.
That statement is simply stupid.
Petroleum is a global commodity. Prices are global, with small adjustments vs shipping costs and in a few cases refinery adjustments.
Russia was never selling petroleum to Germany at a huge discount if it could sell it anywhere else -which it always could.
Germany would never buy US petroleum at a premium if it could get it somewhere else, which it can.
Are you suggesting, it’s about the oil”?
Yeah, you’re right.
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