Russia Key U.S. Oil Supplier

Source:

"The increase in oil supplies is thanks to the Eastern Siberia."

Russia is becoming a key oil supplier for the United States.

The increase in oil supplies is thanks to the Eastern Siberia—Pacific Ocean (ESPO) pipeline system, which is designed to export Russian crude to the Asia-Pacific markets.

Amrita Sen, a commodities analyst for British investment bank Barclays Capital in London, said the United States is diversifying its oil sources because OPEC members, who "historically have been key suppliers to the U.S., are sending more of their oil to Asia."

She said production from other U.S. suppliers, like Mexico, is declining at "hefty" rates, and added that "Russian crude will be important."

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