Russia turning into major oil supplier to U.S.
MOSCOW - Russia is turning into a key oil supplier for the
United States, the Wall Street Journal said Tuesday.
"Imports have gone from zero to an estimated 100,000 barrels a day
in a matter of months since a pipeline bringing crude from deep
inside Eastern Siberia came online," the newspaper wrote.
The paper said the increase in oil supplies is thanks to the
Eastern Siberia - Pacific Ocean (ESPO) pipeline system, which is
designed to export Russian crude to the Asia-Pacific markets.
Amrita Sen, a commodities analyst for British investment bank
Barclays Capital in London, said the United States is diversifying
its oil sources because OPEC members, who "historically have been
key suppliers to the U.S., are sending more of their oil to
Asia."
She said production from other U.S. suppliers, like Mexico, is
declining at "hefty" rates, and added that "Russian crude will be
important."
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