Where does the oil from the US reserves go? In India and China …

Where did Biden's “Huge” oil sale part of the US Strategic Petroleum Reserve go to end up in order to contain prices? The solution to lower prices by offering less than three days' worth of oil in the US.

Well, it turns out that most of that oil will end up in China and India, as Fox News reports . Both countries have "actively bought" Sour "crude oil from the United States produced in the Gulf of Mexico."

The sour crude oil is attractive to foreign buyers due to its affordable price, which comes from its high sulfur content. This also makes refining more difficult, unless you have no "Light & Sweet" oil reserves to combine it with. Which, obviously, these countries possess.

18 million barrels of the 50 million sold by US reserves have already been approved for sale and will go to these countries. 32 million barrels remain and will be "destined for US consumers to alleviate increased demand," reports Fox News.

China, India, Japan, South Korea and the UK are also tapping into their oil reserves, in a challenge that can only see consumers losing.

The White House commented: "The president has been working with countries around the world to address supply shortages as the world emerges from the pandemic."

The administration continued: "The president is ready to take further action if necessary and is ready to use all his authorities working in coordination with the rest of the world to maintain an adequate supply as we emerge from the pandemic."

Too bad the US reserves are running out very quickly. What will Biden sell next?

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The article Where does US oil go? In India and China… it comes from ScenariEconomici.it .

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This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/dove-va-il-petrolio-delle-riserve-usa-in-india-e-cina/ on Mon, 29 Nov 2021 09:00:12 +0000.