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Europe has turn into the primary importer of US oil amid EU restrictions on Russian crude, Bloomberg reported on Friday citing information from the US Census Bureau.
In response to the report, from January to Could this yr, Europe imported roughly 213.1 million barrels of crude. This allowed the area to surpass Asia as the biggest US oil importer for a similar five-month interval for the primary time since 2016. Information exhibits that Asia obtained solely 191.1 million barrels from the US at the moment.
The redirection of oil stream comes amid heavy sanctions on Russian oil launched by the US, the EU and different nations in response to the offensive in Ukraine. Aiming to slash Russian oil earnings and, subsequently, take away Moscow’s capacity to fund its army operation in Ukraine, the EU not too long ago launched a partial embargo on Russian oil and has been reducing imports.
READ MORE:
Russia turns into China’s high oil provider – media
The US, in the meantime, has proposed a value cap, and its representatives are at the moment attempting to boost help for the initiative, most notably from China and India. The 2 nations have not too long ago stepped up Russian oil purchases, desperate to benefit from giant reductions Moscow is providing in an effort to redirect exports.
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