Biden’s SPR Refill Plan a Nothingburger & the World is Playing Musical Chairs with Russia Sanctions
The Biden Administration’s announcement to refill the SPR with three million barrels of sour crude oil in February is a non-event for 11 reasons listed below.
The Biden Administration could release more sour crude oil as the Keystone pipeline outage drags on.
Europe will come under heavy pressure to meet its gas needs in 2023.
Algeria and Egypt are benefiting from Europe’s plan to reduce dependence on Russian gas.
The impact of sanctions on Russian oil exports remains limited as the world reroutes shipments, and key global consumers increase purchases of Russian crude oil.
Turkey is positioning itself to become a major regional energy player.
List of Charts
Quarterly Global Oil Demand Since 2010
Oil Production in the Gulf of Mexico
Drop in European Gas Demand by Sector in 2022
Russia’s Natural Gas Exports to the EU (Pipe & LNG) in 2022
Iraq’s Basrah Crude Oil Exports to India
Iraq Oil Exports by Destination