Due to U.S sanctions that have restricted its usual suppliers, the country has sought the supply of Nigeria, Iraq, Brazil, and Angola to keep its oil import stable. These nations are set to deliver their most crude oil to the United States in more than 18 months, according to Refinitiv Eikon data and trade sources.
According to Reuters, Refinitiv data showed that May imports from those countries are expected to come in at about 1.23 million barrels per day (bpd), more than double April’s haul.
The bump in imports from those nations versus the prior month reflects reduced supply from Venezuela and Iran due to U.S. sanctions, and declining OPEC production that has cut the availability of heavy and medium sour grades. Cargoes from these four countries are designed to “offset a majority of the loss” of Venezuelan heavy crude from sanctions, trade sources said.
Four tankers will deliver a combined 95,000 barrels per day (bpd) of crude from Iraq, Nigeria and Brazil to Chevron Corp’s Pascagoula, Mississippi refinery, the most from those three countries in more than a year, the Refinitiv data showed.