The increase in oil supplies is thanks to the Eastern Siberia - Pacific Ocean (ESPO) pipeline system© RIA Novosti. Igor Zarembo
- Gazprom plans to join Libya's Elephant oilfield project in fall 2010
- Russia's Arctic region to auction 7 oil and gas deposits - official
- Greece may take steps to revive Burgas-Alexandroupolis oil pipeline plan
- Rosneft to produce up to 150 mln tons of oil by 2030, adjusts 2010 forecast - CEO
Russia is becoming 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."
MOSCOW, July 7 (RIA Novosti)
Add to blog
You may place this material on your blog by copying the link.
Image Galleries: Yury Gagarin: Life of the First Man in Space in Pictures
Infographics: Sledge Hockey
For Russia, Crimea is more than just a territory. It is not for land that Russia is putting all her prestige at stake. This situation is about wounded national pride, history, identity, national phobias, a new Russian nationalism, past relations with the “West” full of real and perceived injuries, and Western hypocrisy.