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FX.co ★ 2 million barrels of US oil arrives in Spain

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Forex Analysis:::2022-04-27T10:04:54

2 million barrels of US oil arrives in Spain

2 million barrels of US oil arrives in Spain

2 million barrels of US oil arrived in Spain this month. According to Bloomberg, this is the largest US oil cargo to arrive in Europe since 2016.Previously, Europe got oil in small vessels, however, this may soon change as the government is reportedly looking for alternatives. Like LNG, US oil makes the most sense politically as the US and EU have demonstrated a close partnership. In fact, the US hinted that it will help the EU survive the recently-implemented sanctions.Bloomberg reported that compared to last year, four supertankers have been traveling between the US and Europe since the beginning of this year. The ship that arrived in Spain in April is the first one to do so since the US lifted its oil export ban seven years ago.Bloomberg also reported that the US and the EU are privately debating how the EU could reduce Russian oil imports without it leading to a rise in oil prices.

2 million barrels of US oil arrives in Spain

That problem has little chance of a quick or easy solution. However, the US will also be among the beneficiaries if the EU increases its imports from them.So far, US exports of crude oil and refined products hit a record 10.6 million bpd earlier this month as many buyers seek alternatives to Russian oil.

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