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U.S. Is Importing Less and Less Russian Crude Oil

  • Russian oil made up just 3% of all U.S. crude imports in 2021
  • Traders see no indications of new Russian oil bookings so far

Calls are growing across Washington to ban imports of Russian oil, yet shipments into the U.S. were already declining, as buyers had already started looking for alternatives.

January saw virtually zero U.S. imports of Russian crude, with some volumes slated to arrive in February and March purchased before Russia’s invasion of Ukraine. So far, there haven’t been any signs of fresh bookings as buyers look elsewhere for supply.