Commodities Buzz: EIA Says Russia Accounted For 8% Of All US Petroleum Imports In 2021

23 Mar 2022 , 04:52 PM

According to a latest update from the US EIA, the United States has imported a relatively small share of crude oil from Russia, but US imports of petroleum products from Russia—namely, unfinished oils and fuel oil—is a larger share. US refineries use imported unfinished oils and fuel oil as a supplement to crude oil in the refining process. On March 8, President Biden announced a ban on US imports of petroleum, coal, and natural gas from Russia in response to Russia’s further invasion into Ukraine. The ban includes crude oil and petroleum products. Russia is one of the three largest crude oil producers in the world, after the United States and Saudi Arabia. European countries—which have not banned Russian energy imports—generally import more of Russia’s crude oil and petroleum products than the United States. In 2021, imports from Russia accounted for 8% of all US petroleum imports, which includes the 3% share of crude oil imports and the 20% share of petroleum product imports

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