Gibson Tanker Market Report
Strategic Release
As the sanctions effort ramps up against Russia, governments around the world are seeking ways to wean themselves off Russian oil, whilst also managing the political damage caused by higher fuel prices. Last week, in an effort to appease his electorate and support his European allies, President Biden announced that the US would release 180 million barrels of crude from the strategic petroleum reserve (SPR), alongside further releases from other IEA member states (an additional 60 million barrels) over a 6-month period. For the US specifically, the release of 1 million b/d over 6 months effectively creates the equivalent of a short-term boost to domestic production, with the barrels likely to be sold both domestically and overseas.
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