Last week, Reuters reported that more than 5 million barrels of oil from Strategic Petroleum Reserves had been exported to Europe and Asia, “even as U.S. gasoline and diesel prices hit record lows. record highs”.
This oil was sent to the Netherlands, India and China, Reuters reported. According to U.S. Customs data, Phillips 66 also allegedly sent crude from a Texas Strategic Petroleum Reserve storage site to Trieste, Italy. Trieste is home to an oil pipeline that sends oil to refineries in central Europe, Reuters reported.