Russia Sharply Increased Oil Supplies to the USA
Growth in the supply of raw materials from Russia to the United States is taking place against the background of a twofold decrease in oil production in Venezuela. In May 2018, Venezuelan oil production amounted to 1.33 million barrels, in March 2019 - 740,000 barrels. in a day.
The reduction in the production and export of Venezuelan oil is due to the introduction in January of this year of US sanctions against the state oil and gas company PDVSA and its American subsidiary Citgo Petroleum. The condition for the lifting of sanctions in Washington called the departure of the current President Nicolas Maduro and the announcement of new elections. After the introduction of sanctions, PDVSA exports fell by 40%. Prior to this, the United States was the largest buyer of Venezuelan raw materials.
Oil supplies from Russia to the United States increased sharply in March 2019. Then, the Caracas Capital Market noted that they had overcome a maximum since 2011. “Ironically, the Russians benefit from the collapse of Venezuela: one hostile podsanktsionny country replaces another hostile podsanktsionny country in the United States States, ”Dellen emphasized.
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