US Releases Emergency Oil Supplies from Strategic Petroleum Reserve
The United States has begun releasing oil from its Strategic Petroleum Reserve (SPR) as part of a coordinated International Energy Agency (IEA) effort to ease short-term supply disruptions and stabilize global markets. The move comes amid rising oil prices caused by disruptions linked to the US-Israeli war on Iran.
Crude prices jumped during the first quarter from the mid $60s in early February to more than $100 a barrel in March as Iran’s shutdown of the Strait of Hormuz, a key route for seaborne oil exports, sparked a global energy crisis. The US Department of Energy said in March that it was moving ahead with emergency exchanges from the reserve, including an additional release of up to 30 million barrels of sweet crude, as part of a wider 172 million-barrel US release under an IEA-coordinated plan.
Turkey Set to Receive First Shipment from US Emergency Oil Reserve
Turkey is set to receive its first crude oil shipment from the US SPR, Reuters reported on Monday, citing ship-tracking data. The Greek-flagged aframax tanker North Star loaded about 680,000 barrels of sweet crude from the Bryan Mound SPR site near Texas City, Texas, in April and is expected to arrive in Aliağa, in western Turkey, in mid-May, according to Kpler data citing a bill of lading.
A second tanker, the Hong Kong-flagged DHT Antelope, loaded about 1.1 million barrels of Bryan Mound Sour crude near Galveston, Texas, in late April through a ship-to-ship transfer and is also expected to unload in Turkey toward the end of the month, Reuters reported, citing ship-tracking data and a trader.
US Emergency Reserve Cargoes Sent to Europe
US emergency reserve cargoes have already been sent to Italy and the Netherlands. The shipments come as tight supplies in Europe and Asia have pushed up demand for US crude. The US, the world’s largest oil producer, has seen exports rise as buyers seek alternatives amid disruptions to global flows.
The Strait of Hormuz has remained largely closed due to the war in Iran, contributing to higher crude prices and prompting the emergency releases.
Original Article: Turkey set to receive first shipment from US emergency oil reserve: report — Turkishminute