Russian oil ban, EU deal! But Russia's March oil supply to the US "nearly doubled"

May 29, 2024, 11:58 AM

TDD-global

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EU leaders reach a consensus to partially ban Russian oil imports, cutting supplies by 90% by year-end as part of broader sanctions.

The Russian Satellite News Agency reported on the 31st that European Council President Michel tweeted that the leaders of EU member states agreed on the first day of the Brussels summit to partially ban oil imports from Russia.

Michel said: "The EU has reached an agreement to ban oil imports from Russia. This measure directly involves two-thirds of the total oil imports from Russia." Michel also confirmed that the sixth round of sanctions against Russia will partially ban imports. Rosneft, the restrictions also include excluding Sberbank from the SWIFT system, banning three Russian TV stations from broadcasting in the EU, etc.

According to the report, European Commission President von der Leyen also said that after reaching an agreement to ban oil imports from Russia, oil imports from Russia will be cut by 90% by the end of 2022.

Von der Leyen wrote on Twitter: "I welcome today's agreement by the European Commission on sanctions on Russia's oil sector. By the end of the year, the EU's total oil imports from Russia will actually be cut by about 90%."

In addition, Michel also said that the leaders of EU member states said after the first day of the Brussels summit that they planned to provide an additional 9 billion euros in aid to Ukraine.

According to reports, von der Leyen had previously proposed an additional 9 billion euros in macro financial assistance to Ukraine, and Michel also tweeted: "The European Council will continue to help Ukraine and plans to allocate an additional 9 billion euros."

However, according to a report by the Russian Satellite News Agency on June 1, statistics from the U.S. Energy Information Administration (EIA) show that Russia climbed from the ninth largest oil supplier to the United States to sixth in March, and its monthly oil supply nearly doubled to 4.218 million. bucket.

Canada remains No. 1, the source of two-thirds of U.S. oil imports. In March, Canada supplied 125.25 million barrels of oil to the U.S., a 17% decrease from February. Second-ranked Mexican oil supply fell 27% to 20.365 million barrels, while third-ranked Saudi supplies rose 26% to 15.624 million barrels.

At the same time, in terms of overall supply of oil and petroleum products to the United States, Russia still ranks third, with supply increasing by 8.7% to 17.825 million barrels. On this metric, Canada remains the number one (up 14.4%), Mexico (down 18.4%) in second place, and Saudi Arabia (14.7% increase in supply from February) in fourth place.

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