Russia was No. 2 supplier of crude, products in May
Trend continues despite rising Canadian flows to USGC
Biden unlikely to target flows during high gasoline prices
The US is still showing strong demand for imports of Russian crude and fuel oil feedstocks, which analysts expect to continue as long as the economy is recovering and US sanctions keep Venezuelan crude off the market.
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The trend comes at a tricky time in US-Russia energy ties, as relations between Washington and Moscow remain frosty over the May ransomware attack on the Colonial Pipeline and this month’s expected completion of Russia’s Nord Stream 2 gas pipeline to Germany.
US imports of crude and oil products from Russia hit an all-time high of 844,000 b/d in May, making it…