In March, when the United States imported oil from Iran for the first time since November 1991, Russia delivered a record 12-year record of oil and refined products to the United States, making it second among exporters, according to the Department of Energy.
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In March, the US oil market was marked by two events. Russia delivered a record amount of oil and petroleum products to the United States for the first time in 12 years, and Iran sold its oil to them for the first time since November 1991.
Second exporter of refined products and fourth of petroleum
According to the latest data from the Energy Information Agency of the United States Department of Energy (EIA), in March, Russian exports to the United States increased by 1.8 times compared to February the current year to reach 22.938 million barrels, the highest since 2009. Russia has thus become the second largest exporter to the United States.
Deliveries of Russian oil and petroleum products to the United States were higher only in May and July 2009, at 25.083 and 23.484 million barrels, respectively.
Canada traditionally holds the top spot among exporters to the country with 139.869 million barrels. Mexico fell to third position (17.616 million barrels). Saudi Arabia is fourth with 10.868 million barrels.
As far as oil itself is concerned, Russia comes fourth with 6.1 million barrels (197,000 barrels per day) which is 3.5 times higher than February deliveries. The first three steps of the podium are occupied by Canada, Mexico and Saudi Arabia.
The reasons for the increase in Russian sales
In March, the US Department of Energy announced that in 2020 the demand for Russian oil in the United States had reached an all-time high with an average daily rate of 538,000 barrels. Russian shipments increased 3.5% on the year to almost 7% in all US imports. Twenty years ago, this rate was below 1% before reaching 5.5% in 2011.
Experts explain the increase in Russian deliveries by US sanctions against Venezuela, a major supplier to the United States.
In the absence of deliveries from Venezuela, American refineries suitable for processing a specific type of oil had to seek an alternative. The Russian crude Urals turned out to be the best substitute for the Venezuelan one. In addition, the price / quality ratio of Russian crude was attractive and its purchase was not subject to sanctions.
Iran’s return
Iran’s daily oil deliveries averaged 33,000 barrels. The United States imported Iranian oil for the first time since November 1991. However, by October 2020, it had purchased petroleum products (36,000 barrels per day) from Iran, for the first time since December 1991.
The EIA specifies that since 1979, the year of the Islamic Revolution in Iran and the hostage crisis in the American embassy in Tehran, Iranian imports to the United States had been episodic.
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