Can The U.S. Replace Russian Oil Imports?

Following Russia’s invasion of Ukraine, one of the issues being discussed a lot in the West is what an ongoing military conflict may do to oil prices. Russia is one of the world’s largest oil producers. According to the 2021 BP Statistical Review of World Energy, in 2020 Russia produced 10.1 million barrels per day (BPD) of crude oil and natural gas condensate. That was good for second place behind the U.S. at 11.3 million BPD. Saudi Arabia was third at 9.3 million BPD. However, the U.S. also consumes far more oil (17.2 million BPD)…