More Oil From U.S. Strategic Petroleum Reserve Heads to Europe

More Oil From U.S. Strategic Petroleum Reserve Heads to Europe --U.S. crude is flowing to Europe at rates never seen before. | 12 May 2022 | Europe is set to receive more cargoes of U.S. crude from the Strategic Petroleum Reserve (SPR) as the European Union discusses an oil embargo on Russia and looks to reduce reliance on Russian oil, Bloomberg reported on Thursday, citing tanker-tracking data and sources with knowledge of the shipments. In recent weeks, Europe has increased purchases of U.S. crude as it considers the details of a ban on imports of Russian crude and refined products. A week after the European Commission officially proposed a full ban on Russian crude and oil product imports by the end of the year, the EU is still scrambling to find a common position, trying to persuade Hungary and some other central European countries to drop their opposition to an embargo. Meanwhile, U.S. crude is flowing to Europe at rates never seen before.