Europe Emerges As Key Buyer Of U.S. Strategic Petroleum Reserve Oil
View original at finance.yahoo.comEurope Emerges As Key Buyer Of U.S. Strategic Petroleum Reserve Oil Last month, the International Energy Agency (IEA) announced the coordinated release of over 400 million barrels of oil from global strategic reserves to combat high energy prices amid the Middle East turmoil…
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For some 2026 loans, the DOE requires high sulfur (sour) crude to be returned by 2028 with up to 22% interest, often in sweeter, more valuable crude grades.
60% confidenceSupertanker Eagle Versailles is currently en route to Rotterdam, Netherlands, carrying approximately 2.1 million barrels of Bryan Mound medium sour crude oil sourced from the U.S. SPR.
60% confidenceU.S. sour crude from the SPR is being offered to European buyers at discounts of about $5 per barrel relative to local grades, providing some relief as Brent crude remains elevated near $105 per barrel.
60% confidenceThe U.S. has so far released 79.7 million barrels to 12 companies, with nearly 50 million barrels going to UK's Vortexa Ltd. Trafigura received 21.4 million barrels; Shell received 18.1 million; Marathon Oil purchased 9.7 million barrels and BP purchased 6.0 million barrels.
60% confidenceCoordinated release of over 400 million barrels from global strategic reserves to combat high energy prices amid Middle East turmoil, with the U.S. contributing approximately 172 million barrels over 120 days starting late March 2026.
60% confidenceEurope was the destination of approximately 21 million barrels of crude from America's 2022 SPR release, accounting for approximately 10% of the total.
60% confidenceThe Iran war will permanently cut into future oil demand.
60% confidence
Data points we hold from this source
| Shell plc · spr barrels purchased | 18.1 million_barrels |