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BREAKING
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted
Gaza Civil Defense spokesman: Reality is that there is a very limited retreat of the vehicles, with the occupation forces providing cover undeer fire up to Salah al-Din Street

Europe turns into top US oil importer: Bloomberg

  • By Al Mayadeen English
  • Source: Agencies
  • 17 Jul 2022 14:17
  • 5 Shares
3 Min Read

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

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  • 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.

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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?

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