U.S. Imports of Latin America Oil Soar as Refiners Replace Russian Barrels
U.S. refiners imported about 1.3 million barrels per day (bpd) of crude and fuel oil from Latin America in April, the highest in seven months according to U.S. Customs data, as buyers began replacing Russian supplies.
The United States in March banned imports of Russian crude and refined products over its invasion of Ukraine, setting April 22 as end date for purchases. Treasury Secretary Janet Yellen urged companies to adopt “friend-shoring” supply networks, or buying from trusted countries.
Russia supplied about 135,000 bpd, or 5.5% of total U.S. crude imports last year, and 155,350 bpd, or 29%, of fuel oil imports, according to Customs data on Refinitiv Eikon. Russian crude imports touched a record high in 2021 after hurricanes disrupted production, data from Energy Information Administration.
Photo courtesy of Zbynek Burival.