Russia has been given a great opportunity to significantly increase oil exports to the United States, Russian media reported, stressing that while Americans do not particularly like this, it is simply inevitable. The main reason is the long blockade of production in the Gulf of Mexico due to Hurricane Ida.
Imports of Russian oil from the Urals to overseas are expected to increase as early as this month and more significantly in October, because 77% of offshore production in the Gulf has been suspended for 10 days due to the storm, Bloomberg writes. He added that refineries looking for oil in the absence of supplies from the Gulf of Mexico support higher prices for the Russian variety.
The world is hungry for oil. Even hungrier than he was before the pandemic
This is especially true for leading economies
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The price of the Urals is at a 7-month high and $ 1.05 difference from Brent with a delivery date – for comparison, the difference was $ 1.95 per barrel before the hurricane hit.
The Ida storm has already wiped out 20.6 million barrels of oil production so far, more than any other storm in 13 years. Royal Dutch Shell Plc is still calculating damage to Delta-143, a key offshore transfer station that moves much of the oil from the bay to the coast. While the platform was closed, Shell had to stop production of the medium-acid variety Mars.
At the same time, the US Department of Energy is trying to soften the blow from Ida by lending oil from its strategic reserves. So far, 1.8 million barrels have been allocated to refineries, including Exxon. In any case, the only real way out for the United States from the current unpleasant situation is more imports of Russian oil.
