More SPR oil being shipped overseas

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dan_s
Posts: 34463
Joined: Fri Apr 23, 2010 8:22 am

More SPR oil being shipped overseas

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Wall Street Journal: War in Ukraine drives new surge of U.S. oil exports to Europe.
A year of war in Ukraine is revitalizing U.S. oil exports as a source of financial influence and geopolitical power. As the West has shunned most Russian energy, unleashing a pressure campaign against the Kremlin’s petroleum revenues, record U.S. crude exports have helped fill the gap in Europe with the oil needed to produce gasoline, diesel and jet fuel. Since February 2022, when Russia invaded Ukraine, average monthly seaborne cargoes to the continent jumped 38% compared with the previous 12-month period, according to ship-tracking firm Kpler. A fleet of skyscraper-size tankers carried more crude to Germany, France and Italy—the European Union’s largest economies—as well as Spain, which alone boosted purchases by about 88% over the period. The pull of oil shipments from the Gulf Coast to Europe, which Kpler pegged at 1.53 million barrels a day in January, has in recent months made the continent a larger destination for U.S. crude than Asia. The growth in exports marks the latest milestone in the revival of U.S. oil production after years of dwindling market clout.

MY TAKE: Once U.S. oil is loaded onto a tanker it can go anywhere. Some of our SPR oil will end up in China.
Dan Steffens
Energy Prospectus Group
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