UNDER TRUMP WE WERE A NET OIL EXPORTER: Russian crude exports to US highlight risks to Ukraine talks for Biden.

Shipments of Russian crude to the US in 2021 averaged 202,000 b/d, the highest in 11 years, according to data from S&P Global Platts trade-flow analytics tool cFlow. Most of these imports consist of Russian export grades, such as Urals, ESPO Blend and Varandey.

Overall Russian crude and product shipments accounted for 11% of total US imports between January and October 2021, according to data from the US Energy Information Administration. Imports of Russian crude and products averaged 704,300 b/d in this period, EIA data showed. The US is now importing higher volumes from Russia than it is from key ally Saudi Arabia. . . .

The growing importance of Russia’s crude to US refiners underscores the challenge facing US Secretary of State Antony Blinken in negotiations with his counterpart Russian Foreign Minister Sergei Lavrov, set to resume next month, as the two sides attempt to resolve tensions over the buildup of Russian troops on the Ukrainian border, as well as Moscow’s requests for security guarantees from NATO.

Everything is going swimmingly.