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Author Topic: US ramps up imports of ‘banned’ Russian oil  (Read 257 times)

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Online Wiz

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US ramps up imports of ‘banned’ Russian oil
« on: March 30, 2022, 11:06:23 PM »
US ramps up imports of ‘banned’ Russian oil
Purchases have risen to 100,000 barrels a day, data shows


The volume of Russian oil imports by the United States has increased by 43% from March 19 to 25 compared to the previous week, according to a new report by the US Energy Information Administration (EIA). Data showed the US imported up to 100,000 barrels of Russian crude per day.

Imports had been suspended during the week of February 19 to February 25. However, in early March, the weekly supply of Russian oil reached its maximum value in 2022, amounting to 148,000 barrels per day.

The ramp up comes despite US President Joe Biden’s signing of an executive order on March 8, banning energy imports from Russia and new investment in the Russian energy sector. The US Treasury has set a deadline for the completion of transactions for the import of oil, oil products, LNG, and coal from Russia into the country until April 22.

In 2021, Russian oil supplies to the United States more than doubled compared to 2020, reaching 72.608 million barrels. That is 3.3% of the US’ total imports. Russia has also provided 20% of the total supply of petroleum products to the United States.

Source: Economy & finance visit RT's business section

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Re: US ramps up imports of ‘banned’ Russian oil
« Reply #1 on: March 31, 2022, 03:18:32 AM »
The US has also just taken fertilisers off the sanctions list so they can import them. That didn't take long, did it?

I wonder how Uncle Sam is getting along with Rouble buying? That's how they will be paying for the oil and fertilisers quite soon.
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Re: US ramps up imports of ‘banned’ Russian oil
« Reply #2 on: March 31, 2022, 03:38:08 AM »
It looks like Germany may have reached an agreement with Russia to buy in Euros which will then be converted to rubles paid to Gazprom.

I am not sure how much that benefits Russian interests because the euros will still end up in Russia and wil be subject to sanctions.

I don't know the details and, as of writing, it does not seem to have been confirmed as an agreement.

Gazprom won't be holding the bag with a pile of euros, but current Russian legislation would have required the company to convert 80% of any euro receipts to rubles with the Russian central bank anyway.

WRT the USA, it is clear that they wanted to import as much as possible of sanctioned goods before their self-imposed deadline of April 22nd.

For sure it is true that USAian gasoline prices have not increased due to Russian sanctions. That's other stuff going on. Somebody is making a big windfall profit right now - much as with gas in Europe.
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Online andrewfi

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Re: US ramps up imports of ‘banned’ Russian oil
« Reply #3 on: March 31, 2022, 08:50:34 AM »
OK. It looks like Germany has been putting a bit of spin on the new process.

Putin has got what he wanted. Gazprom gets paid in rubles. But the currency exchange is made by Gazprom Bank which is not under EU sanctions.

Previously, payments from Germany would have hit Gazprom's account in euros/dollars. Now it will be in rubles.

So the process has changed. A little digging around suggests that this may be an initial and interim stage in a process that will end up with new contracts being written in rubles.

As far as I can tell, in practical terms, for EU gas buyers nothing will change at the moment apart from this intermediary stage which will mean buyers will open an account with Gazprom bank into which deposits will be made.

As the transactions are electronic there will be no real delay in the process but Gazprom will not receive any foreign currency and will, eventually need to buy euros from the Russian Central Bank for foreign currency payments.

So right now, there's no reason for EU buyers to get into a bate.

This process may result in better liquidity and availability of euros and dollars for the RCB and thus negate the loss of foreign currency reserves due to the theft of the RCB's foreign currency reserves held outside of the RF.

Putin is a lawyer and he is very strong on legal obligations. This strategy may well be serving his purposes in ensuring that, for example, bond payments due outside of the RF will be made in the contract currency.

By the way, Moldova will be paying in rubles from May 1st. Also Bulgaria is going to make payments in rubles through a counterparty. I do not know who that is. Could it be Gazprom bank? That's effectively what Germany will be doing.
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Re: US ramps up imports of ‘banned’ Russian oil
« Reply #4 on: April 02, 2022, 09:56:01 AM »
The UK just lost 10% of its oil and 3% of its gas.

As the UK had previously sanctioned Gazprombank they removed any possibility to make payments for purchases and so have gone into default and been cut off.

It seems that the Yamal pipeline into Europe has gone quiet.

The Russians are taking the view that if customers do not have the means to pay for purchases that they are defaulting on contracts and thus those contracts are ending. European countries had hoped to take advantage of credit facilities which means that the next payment for gas being delivered is later in April.

Of course, Germany and France among others have said they have no intention of paying for that which they have already received and thus have gone into default. In what universe did European leaders think that they could hope to get away with that stupid move? I mean, what business owner or manager would supply clients who say 'I have no intention of paying for the goods I have received and will not pay for any future deliveries'?

If the contracts are not active then the only option is spot price purchases. That's gonna sting - even if the EU defaulters decide to move back into good standing.
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Re: US ramps up imports of ‘banned’ Russian oil
« Reply #5 on: April 02, 2022, 05:12:44 PM »
US ramps up imports of ‘banned’ Russian oil
Purchases have risen to 100,000 barrels a day, data shows


The volume of Russian oil imports by the United States has increased by 43% from March 19 to 25 compared to the previous week, according to a new report by the US Energy Information Administration (EIA). Data showed the US imported up to 100,000 barrels of Russian crude per day.

Imports had been suspended during the week of February 19 to February 25. However, in early March, the weekly supply of Russian oil reached its maximum value in 2022, amounting to 148,000 barrels per day.

The ramp up comes despite US President Joe Biden’s signing of an executive order on March 8, banning energy imports from Russia and new investment in the Russian energy sector. The US Treasury has set a deadline for the completion of transactions for the import of oil, oil products, LNG, and coal from Russia into the country until April 22.

In 2021, Russian oil supplies to the United States more than doubled compared to 2020, reaching 72.608 million barrels. That is 3.3% of the US’ total imports. Russia has also provided 20% of the total supply of petroleum products to the United States.

Source: Economy & finance visit RT's business section

THis is FAKE NEWS

Online Wiz

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Re: US ramps up imports of ‘banned’ Russian oil
« Reply #6 on: April 02, 2022, 06:06:07 PM »
US ramps up imports of ‘banned’ Russian oil
Purchases have risen to 100,000 barrels a day, data shows


The volume of Russian oil imports by the United States has increased by 43% from March 19 to 25 compared to the previous week, according to a new report by the US Energy Information Administration (EIA). Data showed the US imported up to 100,000 barrels of Russian crude per day.

Imports had been suspended during the week of February 19 to February 25. However, in early March, the weekly supply of Russian oil reached its maximum value in 2022, amounting to 148,000 barrels per day.

The ramp up comes despite US President Joe Biden’s signing of an executive order on March 8, banning energy imports from Russia and new investment in the Russian energy sector. The US Treasury has set a deadline for the completion of transactions for the import of oil, oil products, LNG, and coal from Russia into the country until April 22.

In 2021, Russian oil supplies to the United States more than doubled compared to 2020, reaching 72.608 million barrels. That is 3.3% of the US’ total imports. Russia has also provided 20% of the total supply of petroleum products to the United States.

Source: Economy & finance visit RT's business section

THis is FAKE NEWS

PROVE IT...other wise take a jump !

You jump your gun because you think you are clever... but you are NOT and and that we are stupid! Let's see your evidence....

 :dh:

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Re: US ramps up imports of ‘banned’ Russian oil
« Reply #7 on: April 02, 2022, 06:29:52 PM »

You jump your gun because you think you are clever... but you are NOT and and that we are stupid! Let's see your evidence....

 :dh:

In 2 months we will see if it was fake news or not, raw statistics are published by the US gov't

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Re: US ramps up imports of ‘banned’ Russian oil
« Reply #8 on: April 02, 2022, 11:55:59 PM »
Andrew99, just shove your fingers deep into your ears and sing to yourself 'take me to a happy place, take me to a happy place'.

Doing so will not do anything positive, but it might help you to ignore the dishonesty and hypocrisy of the real world for a little while longer.

When you do do, you'll not be alone. The rest of us might hear the plaintive sounds of EU politicians across the continent singing the ssme words, each in their cold, dark, offices and bedrooms.
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Offline andrew99

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Re: US ramps up imports of ‘banned’ Russian oil
« Reply #9 on: April 03, 2022, 01:52:38 AM »
Andrew99, just shove your fingers deep into your ears and sing to yourself 'take me to a happy place, take me to a happy place'.

Doing so will not do anything positive, but it might help you to ignore the dishonesty and hypocrisy of the real world for a little while longer.

When you do do, you'll not be alone. The rest of us might hear the plaintive sounds of EU politicians across the continent singing the ssme words, each in their cold, dark, offices and bedrooms.

Its up to you to prove this which is against conventional thinking. I keep saying prove it if you come up with these things.1 article doesnt do it as i can find loads that say this isnt happening.
The article is  Fake news!

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Re: US ramps up imports of ‘banned’ Russian oil
« Reply #10 on: April 03, 2022, 04:54:04 AM »
Watch this video as it's very interesting (in English)


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