{"id":1220,"date":"2018-07-17T12:53:09","date_gmt":"2018-07-17T12:53:09","guid":{"rendered":"http:\/\/euromenaenergy.com\/?p=1220"},"modified":"2018-07-17T12:53:09","modified_gmt":"2018-07-17T12:53:09","slug":"fitch-economist-blows-lid-off-us-dependence-on-russian-oil","status":"publish","type":"post","link":"https:\/\/emimer.com\/?p=1220","title":{"rendered":"Fitch Economist Blows Lid off US&#8217; Dependence on Russian Oil"},"content":{"rendered":"<div class=\"b-article__lead\">\n<p>Russia doesn\u2019t view the US as a potential key purchaser of the its oil, while Washington has expressed a keen interest in putting a damper on exorbitant oil prices by pushing OPEC to boost its output, which seems especially relevant ahead of the US midterm elections.<\/p>\n<\/div>\n<div class=\"b-article__text\">\n<p>The US purchases approximately 8 billion dollars\u2019 worth of\u00a0Russian oil, which is about\u00a03 percent of\u00a0 Russia\u2019s total production, Dmitry Marinichenko, head of\u00a0natural resources and raw materials group at\u00a0the rating agency Fitch, told Sputnik.<\/p>\n<p class=\"marker-quote1\">\u201cAs of\u00a0today, the US buys roughly 300,000 barrels of\u00a0oil from\u00a0Russia daily, while the amount drastically varies from\u00a0month to\u00a0month,\u201d he said, noting that it is currently just \u201ca drop in\u00a0the bucket,\u201d meeting just about\u00a02-3 percent of\u00a0US\u2019 need for\u00a0oil imports and accounting for\u00a0less than\u00a03 percent of\u00a0Russia\u2019s overall oil production,\u201d said Marinichenko.<\/p>\n<p>According to\u00a0the economist, the American market can\u2019t be billed as\u00a0a priority for\u00a0Russia, whereas the major destination of\u00a0Russian oil flow has recently become China.<\/p>\n<p class=\"marker-quote1\">\u201cSo, it\u2019s hardly possible to\u00a0speak about\u00a0any new trends with\u00a0this regard,\u201d he remarked.<\/p>\n<p>On July 16, it emerged that the US is floating the possibility of\u00a0a dip into\u00a0its emergency oil reserves if the prospective global oil output is not sufficient to\u00a0propel prices down, with\u00a0the suggestion coming in\u00a0the run-up to\u00a0the US midterm elections slated for\u00a0November 6.<\/p>\n<p>Late last month, OPEC and its partners, led by\u00a0Russia, agreed to\u00a0ramp up\u00a0oil productionby\u00a0about one million barrels per day, or one percent of\u00a0global supply, with\u00a0the US exerting pressure on\u00a0them in\u00a0a bid to\u00a0put an end to\u00a0the high oil prices. OPEC\u2019s plan, however, comes amid\u00a0speculation about\u00a0the future of\u00a0the oil market at\u00a0large, with\u00a0Iran being squeezed away from\u00a0it by\u00a0the US.\u00a0 In June, Washington threatened to\u00a0slap penalties on\u00a0countries that fail to\u00a0curb oil trade with\u00a0Iran by\u00a0November 4.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Russia doesn\u2019t view the US as a potential key purchaser of the its oil, while Washington has expressed a keen interest in putting a damper on exorbitant oil prices by pushing OPEC&#8230;<\/p>\n","protected":false},"author":1,"featured_media":1221,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[46,57,90,96,107,137,139,174,201,202,209,232,233,244,246,249,256,277,279,288],"class_list":["post-1220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-aramco","tag-baroudi","tag-democracy","tag-doha","tag-embargo","tag-gas","tag-gazprom","tag-lebanon","tag-offshore","tag-oil","tag-opec","tag-putin","tag-qatar","tag-rosneft","tag-roudi","tag-russia","tag-saudi","tag-total","tag-trump","tag-usa"],"_links":{"self":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/1220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1220"}],"version-history":[{"count":0,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/1220\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/media\/1221"}],"wp:attachment":[{"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}