Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Lebanese Ministry of Health: Final toll from airstrike on car in Zebdine, Nabatieh District: Two martyrs, four injured
Egyptian media: Indirect talks between Hamas and Israelis begin in Sharm el-Sheikh.
AFP: France's new PM Sebastein Lecornu resigns just hours after unveiling cabinet.
Trump: Technical teams will meet again on Monday in Egypt to discuss and clarify the final details, and the first phase is scheduled to be completed this week
US President Donald Trump: Talks with Hamas have been very successful and are moving at a rapid pace
Local sources in Aleppo: Violent clashes erupt between the SDF and factions affiliated with the transitional authority on the Deir Hafer and Tishrin Dam fronts in the eastern Aleppo countryside
Israeli media: Interceptor missiles fired in an attempt to shoot down the drone
IOF Spokesperson: Sirens sounded amid suspected "enemy aircraft" infiltrating the Eilat area
Israeli media: "Israel" won the battle but lost the war strategically and politically
Israeli media: Ben Gurion Airport's airspace closed to air traffic following missile launch from Yemen

Europe turns into top US oil importer: Bloomberg

  • By Al Mayadeen English
  • Source: Agencies
  • 17 Jul 2022 13:17
  • 5 Shares
3 Min Read

After abandoning Russia, Europe is now majorly dependent on American oil.

  • x
  • Europe becomes top US oil consumer: Bloomberg
    Europe becomes top US oil consumer: Bloomberg

Due to EU limits on Russian petroleum, Europe has become the primary importer of US oil, Bloomberg reported on Friday, citing statistics from the US Census Bureau.

According to the data, Europe imported approximately 213.1 million barrels of crude from January to May of this year. For the first time since 2016, the region surpassed Asia as the largest US oil importer during the same five-month period. According to data, Asia got only 191.1 million barrels from the United States at the time.

The rerouting of oil flows coincides with the imposition of severe sanctions on Russian oil by the United States, the European Union, and other Western countries in reaction to the war in Ukraine.

The EU recently imposed a partial embargo on Russian oil and has been reducing imports to reduce Russian oil earnings and, as a result, Moscow's ability to support its military operation in Ukraine.

Meanwhile, the United States has proposed a price cap, and its representatives are actively working to gain support for the plan, particularly from China and India. Both countries have recently increased their purchases of Russian oil, keen to take advantage of the significant discounts Moscow is making to divert shipments.

Related News

US House Speaker Johnson faces heat over delay of Epstein files vote

White House concerned about unfolding domestic terrorism conspiracy

Europe 'shot itself in the lungs'

The European Union has "shot itself in the lungs" with imprudent economic sanctions on Russia, which risk destroying the European economy if not rolled back, Hungarian Prime Minister Viktor Orban said earlier on Friday. 

Since the outbreak of the Ukraine crisis and the application of Western sanctions, gas supplies to Europe have tightened and fuel prices have risen, leaving governments scrambling to replenish reserves and seek other supply channels.

The surge in prices pushed Orban to curtail a years-long cap on utility prices for higher-usage households, removing one of the prime minister's signature economic policies.

"Initially, I thought we had only shot ourselves in the foot, but now it is clear that the European economy has shot itself in the lungs, and it is gasping for air," Orban told public radio in an interview.

Resilient Russian economy 

Western economic forecasters did not anticipate Russia's economy to show signs of improvement with the many sanctions imposed by the EU and US. Russia has managed to prevent the collapse of its currency and continues to benefit from the surge in hydrocarbon prices.

They intended to “punish Russia. Assets were frozen, and companies were punished. But they failed,” said Russian President Vladimir Putin on Friday, June 17, during the Economic Forum of Saint Petersburg, once considered a symbol of openness to commercial relations with the West.

  • Europe
  • United States
  • Joe Biden
  • Oil
  • Sanctions on Russia
  • European Union
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Most Read

Iraq at a crossroads: A new war front?

Iraq at a crossroads: A new war front?

  • West Asia
  • 30 Sep 2025
A Hamas fighter in combat fatigues stands before the ceremony for the handover of Israeli captives to the Red Cross in Nuseirat, central Gaza Strip, Saturday, February 22, 2025 (AP)

Hamas responds to Trump plan, backs Gaza withdrawal, exchange

  • Politics
  • 3 Oct 2025
Tucker Carlson speaks at a memorial for Charlie Kirk, Sunday, September 21, 2025, at State Farm Stadium in Glendale, Arizona (AP)

Tucker Carlson: Israeli officers gave orders on Iran inside Pentagon

  • Politics
  • 2 Oct 2025
ap

'Israel' pays influencers $7K per post to whitewash Gaza genocide

  • Politics
  • 1 Oct 2025

Coverage

All
War on Gaza

Read Next

All
Hezbollah's representative in Iran, Sayyed Abdullah Safieddine, during an interview with Al Mayadeen which aired on October 6, 2025 (Al Mayadeen)
Politics

Tehran never interferes in Hezbollah decisions: Representative in Iran

Smoke billows over the Gaza Strip following an Israeli bombardment, as seen from southern Palestine, Sunday, Oct. 5, 2025. (AP)
Politics

Indirect talks for a ceasefire in Gaza begin in Sharm El-Sheikh: Egypt

Fighters from the Syrian Democratic Forces (SDF) prepare to attend a military parad in Qamishli, northeastern Syria, Tuesday, August 12, 2025 (AP)
Politics

Security forces seal Aleppo’s Sheikh Maqsoud, Ashrafieh districts

Amsterdam Captain Mohammed Ali Mohiuddin, who took part in the Global Sumud mission to Gaza, talks to Al Mayadeen on October 6, 2025 (Screengrab)
Politics

GSF captain says despite abuse, 'Israel weaker than spider's web'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS