Russia is trying to catch up with America in the oil market

05.08.2021

Russia overtook Mexico in May to become the world’s second largest exporter of oil and oil products to the United States. This follows from the data of the US Energy Information Administration.

Russia delivered 26.17 million barrels of oil in May, which became an absolute record for the country. The previous maximum was recorded in May 2009 – 25.08 million barrels. Russia began to move closer to the leader in the export of raw materials in the United States, Canada, which supplied 125.75 million barrels. This country accounts for about half of all United States oil imports.

US purchases of Russian oil in January-May increased by 78 percent in value terms compared to the same period last year (from $3.8 billion to $6.7 billion). The reason for this is connected to the rise in prices in world markets in 2021.