The latest indication that Russia’s invasion of Ukraine is altering global oil supplies is that U.S. and Canadian refiners have started using North Sea “Forties” crude oil for the first time in seven years.
According to Customs data on Refinitiv Eikon, about 2.6 million barrels of the crude are expected to arrive at ports along the U.S. East Coast since February. A portion of the oil is probably being sent to Canada.
In order to replace Russian crudes that have been prohibited from entering the United States and Canada, light, low-sulfur Forties crudes are blended with others.
The April deliveries will result in the greatest level of British crude oil imports into the United States since December 2021. The crude oil has been transferred to the United States in part because of strikes at French refineries.