Europe Receives A Shipment Of Oil From US Strategic Reserve

Bloomberg reported that Europe, which is seeking to reduce its dependence on oil from Russia, has received a shipment of the crude from America’s strategic reserve and expects to receive twice as much more.

Two tankers loaded a fortnight ago in Louisiana and Texas with oil from America’s strategic reserve are on their way to Italy and the Netherlands, the agency added.

« According to tracking data, up to two more cargoes of SPR oil left Texas and were delivered to the Netherlands around 26 April, » the report said.

Kpler analyst Matt Smith, cited by the agency, said about 1.6 million barrels of oil from the strategic reserve were shipped to Europe in April.

At the end of March, US President Joe Biden said the US would release 1 million barrels daily from the strategic reserves for six months to curb rising petrol prices in the country. More than 180 million barrels will thus be released from strategic reserves, the largest release of oil from strategic reserves in history.

source: bloomberg.com

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