Venezuelan Oil Recovers With Our Own Effort, Says Maduro

Venezuelan President Nicolás Maduro said on Thursday that the recovery of the country’s oil industry was achieved with the effort of its workers and highlighted the commitment of Oil Minister Tareck El Aissami in the improvements of that sector.

Venezuelan Oil Recovers With Our Own Effort, Says Maduro

H/T: CHICAGO ALBA SOLIDARITY

More Oil From U.S. Strategic Petroleum Reserve Heads To Europe

More Oil From U.S. Strategic Petroleum Reserve Heads To Europe

Meanwhile, U.S. crude [oil] is flowing to Europe at rates never seen before.

Two cargoes of high-sulfur crude from the U.S. strategic reserve are headed to Italy and the Netherlands, according to tanker-tracking data and sources briefed by Bloomberg. The tankers have loaded crude at terminals connected to storage caverns of the SPR in Texas and Louisiana.

According to Matt Smith, oil analyst at commodity data firm Kpler, these would not be the last crude exports out of the U.S. SPR to Europe.

In April, some 1.6 million barrels of U.S. crude from the strategic reserve made its way to Europe, Smith told Bloomberg, adding: “That’s the largest amount of SPR crude that’s been shipped to the continent based on historical monthly data.”