Growth in U.S. real imports slowed to about 3 percent in 2006, in part reflecting a drop in real terms in imports of crude oil and petroleum products.
I am mainly speaking about oil refineries. It allows us to switch from retail sales of crude oil to working with our end-users.
Today, crude oil is sold at the price of the Urals brand, and in terms of quality we have been losing big money. Given the oil directly reaches the final buyer, all that money will stay in Russia.
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