President Trump has reportedly released a massive amount of oil from the US strategic emergency reserves and now it is being sold by oil refiners to Europe and possibly Asia.
Bloomberg reports:
A massive release of oil from US emergency reserves that has started flowing to American refiners is also supplying fuelmakers in Europe, and potentially in Asia, as the Iran war upends global energy markets.
Global trading houses have sold at least 4 million barrels of medium crude grades from the US Strategic Petroleum Reserve to European refiners, and are also seeking buyers in Asia, people with direct knowledge of the transactions said, asking not to be named because the information isn’t public.
I didn’t even know there was a massive release from the SPR. But Trump has told the world to come to buy their oil from the US because we have plenty, and it sounds like they are indeed doing it. I would imagine this release is to try and offset the problems with the Strait of Hormuz.