- Deprived of access to Venezuelan crude oil due to sanctions, US refineries have turned to Russian oil to fill the gap.
- Many US refineries are outfitted to process Venezuela’s dense, sulfurous crude; Russia’s semi-refined Mazut 100 fuel oil is a close alternative.
- Russia is also now America’s 3rd largest oil supplier as a result of Saudi Arabia-led OPEC production cuts.
- Despite increasing hostilities (eg Biden calling Putin a “killer”), oil industry insiders haven’t detected any political concerns about America’s increasing reliance on Russia.
