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Europe has change into the primary importer of US oil amid EU restrictions on Russian crude, Bloomberg reported on Friday citing knowledge from the US Census Bureau.
In line with the report, from January to Could this 12 months, Europe imported roughly 213.1 million barrels of crude. This allowed the area to surpass Asia as the biggest US oil importer for a similar five-month interval for the primary time since 2016. Information exhibits that Asia acquired solely 191.1 million barrels from the US at the moment.
The redirection of oil circulation comes amid heavy sanctions on Russian oil launched by the US, the EU and different nations in response to the offensive in Ukraine. Aiming to slash Russian oil income and, subsequently, take away Moscow’s means to fund its navy operation in Ukraine, the EU just lately launched a partial embargo on Russian oil and has been reducing imports.
READ MORE:
Russia turns into China’s prime oil provider – media
The US, in the meantime, has proposed a value cap, and its representatives are at the moment making an attempt to boost assist for the initiative, most notably from China and India. The 2 international locations have just lately stepped up Russian oil purchases, desirous to reap the benefits of giant reductions Moscow is providing in an effort to redirect exports.
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