The US imported more than $3 million tons of oil from Russia in July. Apart from replacing Venezuela supplies, there’s another reason – Russia imports its oil with convenient conditions. Both black gold price and delivery fees are quite low.
Increasing Russian supplies correspond to the fact that American rafineries are used to processing heavy oils. Compared to last year, Russian oil supplies more than doubled to 11 million of tons. If Russian oil supplies remained in July values every month – that is more than 1 million of tons – last year’s levels could be surpassed.
However, global oil offer has dropped dramatically due to coronavirus pandemic, and the situation is improving only now. And price growth on oil markets is connected to the fact. A barrel of brent oil costs more than $45, which is the highest level of last five months. Moreover, oil price increased partly due to Beirut explosion, as reason of the explosion isn’t clear yet.