Russia Managed To Increase Oil Shipments To US In Light Of Sanctions On Venezuela - IEA

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Russia Managed to Increase Oil Shipments to US in Light of Sanctions on Venezuela - IEA

Russia has increased its shipments of crude oil to the United States from "relatively modest" levels to 150,000 of barrels per day as oil deliveries to the US declined following the imposition of sanctions on Venezuela, the International Energy Agency (IEA) said Friday in its monthly report

MOSCOW (UrduPoint News / Sputnik - 15th March, 2019) Russia has increased its shipments of crude oil to the United States from "relatively modest" levels to 150,000 of barrels per day as oil deliveries to the US declined following the imposition of sanctions on Venezuela, the International Energy Agency (IEA) said Friday in its monthly report.

"Venezuela currently ships about 400 kb/d to both China and India. Elsewhere, other producers have already taken advantage of Venezuela's problems: as exports to the US have slumped following the imposition of sanctions, Russia has taken the opportunity to increase its shipments to the US from relatively modest levels to around 150 kb/d," the report read.

According to the report, the OPEC-non-OPEC oil cut deal and US restrictive measures against Iran and Venezuela were among the factors that have had a "major impact" on the supply of medium-heavy oil.

"Compared to November, when Saudi Arabia, Russia and Iraq were pumping at or near record rates, supply of these grades has fallen by nearly 1.5 mb/d [millions of barrels per day]. That is 90% of the overall reduction in global crude supply since November," the report noted.

The United States has imposed several rounds of sanctions on Venezuela. The US Treasury Department recently blocked $7 billion in assets belonging to Venezuela's state-owned oil company PDVSA. Venezuelan President Nicolas Maduro has denounced the sanctions as an illegal attempt to seize Venezuela's sovereign assets.

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