As Russia’s invasion of Ukraine continues, the global economy’s continued reliance on Russian oil and gas has prompted a wave of policy responses alongside pushback from U.S. lawmakers seeking to halt imports and boost domestic production. Brent crude, a key international benchmark, has surged since the invasion began on Feb. 24, rising from under $97 per barrel to more than $107 per barrel as of March 1. At 524 million tons in 2021, Russia produces more oil than any country other than Saudi Arabia and the United States. The International Energy Agency reports that top destinations for that oil include OECD Europe and China, which receive roughly 60 percent and 20 percent of Russian oil exports, respectively. The United States crude oil imports from Russia more than doubled last year, rising to an average of 209,000 barrels per day in 2021 from a daily average of roughly 76,000 barrels in 2020, …
With Oil Prices Climbing, US and World Still Dependent on Russian Energy
March 1, 2022
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Business & EconomycommoditieseconomyEuropeInternationalinvasionMarketsOilPolicies & ImpactsPoliticsRussiaRussia-Ukraine WarUkraineUSUS NewsWorld
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