The United States is one of the largest consumers of oil in the world. However, it is not self-sufficient in producing oil and has to import oil from other countries. Russia is one of the major oil-producing countries from which the United States imports oil. The amount of oil that the U.S imports from Russia has been a topic of discussion for many years. In this article, we will explore the amount of oil the U.S. imports from Russia.
The Amount of Oil the U.S. Imports from Russia
The U.S. Energy Information Administration (EIA) provides import data on crude oil and petroleum products. According to the EIA, the United States imported an average of 538,000 barrels of oil per day (bpd) from Russia in 2020. This is a significant drop from 2019, when the U.S. imported an average of 613,000 bpd from Russia.
The decline in U.S. imports from Russia can be attributed to several factors. Firstly, the COVID-19 pandemic led to a decrease in demand for oil globally. Secondly, the U.S. government imposed sanctions on Russian oil imports, which could have discouraged some U.S. businesses from importing oil from Russia.
Why Does the U.S. Import Oil from Russia?
The United States imports oil from Russia to supplement its domestic oil production. The U.S. is a net importer of oil, meaning that it imports more oil than it exports. The U.S. also imports oil from other countries such as Canada, Mexico, and Saudi Arabia, among others. Russia is one of the top 10 oil-producing countries in the world and is a major supplier of oil to Europe and Asia.
Russian oil is attractive to U.S. businesses because it is generally cheaper than oil from other countries. Additionally, Russian oil has a lower sulfur content, making it easier to refine into gasoline and other petroleum products.
The amount of oil the U.S. imports from Russia has been declining in recent years. However, Russia remains one of the top suppliers of oil to the United States. The United States imports oil from Russia to supplement its domestic production and because it is generally cheaper than oil from other countries. The topic of U.S. oil imports from Russia is likely to remain a topic of discussion for years to come.