US Ships Out Record Volumes of Crude Oil from the SPR (1)

Europe is set to receive the lion’s share of record-setting exports from the US strategic reserve crude shipped out last month in a bid to plug supply gaps left behind by Russia’s invasion of Ukraine.

Of the 5.35 million barrels of oil from the strategic reserve that was exported in June, nearly two thirds will be landing in Europe, according to Matt Smith, an oil analyst at commodity data firm Kpler. That “volume bound for Europe is the largest month on record,” with the rest headed for India and China, he said, adding that all were high-sulfur crudes.

The shift ...