In 2020 Russia’s share of American oil exports at a record-high 7%

April 11, 2021
In 2020 Russia’s share of American oil exports at a record-high 7%

In 2020 Russia’s share of American oil exports at a record-high 7%. Russia ranked second among the US oil importers, pushing Saudi Arabia down.

The United States is the largest consumer of oil in the world. Before the 2020 crisis, it consumed about 20-21 million barrels per day. For an understanding, this is 20% of world consumption. China is in second place in terms of consumption - 14.5 million barrels per day. At the same time, China's population is 4-5 times more than of the United States. Consumption of petroleum products per capita in the United States is abnormally high.

At the same time, the United States was and is the world's largest oil producer. Although over the past year, its production fell, it collapsed under its own weight. Paradoxically, not all of the oil produced is used by the domestic consumer. US have to import a significant part of the oil produced due to the physical and chemical properties and the specifics of local oil refineries.

In 2020 Russia’s share of American oil exports at a record-high 7%

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