The U.S. Imports Record Share Of Russian Oil Despite Tensions

U.S. refiners have turned to Russian oil and petroleum products to fill the gap that sanctioned Venezuelan crude and drastically reduced OPEC shipments have left in U.S. imports, despite the energy standoff between the United States and Russia. In 2020, the U.S. imported more oil and refined products from Russian than from Saudi Arabia, with Russia’s share of American oil exports at a record-high 7 percent, Bloomberg News has estimated based on customs and EIA data.   Russia mostly displaced the market previously held by Venezuela—now…