Europe Soaks Up Strategic US Oil While Debating Russia Crude Ban
- Two ships loaded with SPR crude are underway for Europe
- An earlier shipment of SPR crude arrived in Europe in April
This article is for subscribers only.
Europe is set to receive three shipments of US Strategic Reserve crude so far as the region debates how to cut its reliance on Russian crude in the wake of Putin’s war with Ukraine.
Two tankers are en route to Italy and the Netherlands after loading supplies over the past two weeks from terminals linked to reserve storage caverns in Texas and Louisiana, according to people familiar with the matter and ship-tracking data compiled by Bloomberg. Both cargoes were high-sulfur SPR oil, they said.