Russian Oil Shipments to the U.S. Set to Surge in Ida’s Wake
- At least three Urals cargoes are to be shipped to U.S. Gulf
- Russia is already the second largest supplier of oil to U.S.
This article is for subscribers only.
The prolonged shutdown of Gulf of Mexico oil production in the wake of Hurricane Ida is creating an opportunity for Russia to expand its share of the U.S. oil market.
Imports of Russian oil Urals to the U.S. are set to increase in September and October as 77% of U.S. Gulf offshore production remains shut 10 days after Ida made landfall on the Louisiana coast, according to people with knowledge of the situation. Gulf coast refineries looking for oil in the absence of supply from the Gulf are supporting higher prices for medium sour Russian oil that is similar to grades produced in the Gulf of Mexico.