We have already written about one of the most paradoxical developments of the US-Russia energy relationship, namely that American refiners have become the number one buyer of Russia’s fuel oil production. With Venezuelan crude squeezed out from the American market, Iranian exports kept at bay by means of a similar set of sanctions, Mexico remaining in decline and even acquiescing to a OPEC+ production cut, Russian fuel oil remains one of the very few USGC feedstocks that is still not too pricey and available in sufficient volumes. However, the winter months of the 2020/2021 season have so far witnessed a sharp decline in Russian fuel oil exports towards the United States and a quite tangible hike in their supplies towards Europe. Could that put the peculiar US-Russia HSFO love story to an end? Supplies of Russian fuel oil to Europe have averaged roughly 500kbpd in the past 5 years, […]