The U.S. has overtaken Russia as the top crude oil supplier to Europe, according to new data released Tuesday, capping a remarkable 12-month period that saw Moscow's plan to use energy as a weapon fall flat amid strong Western opposition to the war in...
The U.S. has overtaken Russia as the top crude oil supplier to Europe, according toTuesday, capping a remarkable 12-month period that saw Moscow’s plan to use energy as a weapon fall flat amid strong Western opposition to the war in Ukraine.
Those numbers represent a rapid turnaround for Europe, where officials as recently as last summer warned that citizens could face energy shortages and blackouts if Moscow slashed oil-and-gas exports as a way to punish Europe for its opposition to the war. Such fears were well-founded in the early months of the conflict as European dependence on Russian fuel appeared to be Russian President Vladimir Putin’s greatest weapon in an economic war with the West.
By May, Russian crude oil exports to Europe dropped to 24 million barrels, or 12% of European imports. The percentage declined each month thereafter before reaching December’s historic low.“Russia’s invasion of Ukraine in February 2022 had a significant impact on the import of crude oil into the EU,” the EU’s Eurostat agency wrote Tuesday in an analysis of the most recent energy data.
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