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US seeks to buy up to 3 million bbls of oil for Strategic Petroleum Reserve
The U.S. Department of Energy on Friday said it wants to buy up to 3 million barrels of crude oil for the Strategic Petroleum Reserve (SPR) for delivery in March 2024, as it takes advantage of lower prices to start to replenish the stockpile.
The administration of President Joe Biden last year conducted the largest sale to date from the SPR of 180 million barrels to try to limit an oil price rally after Russia’s war on Ukraine began in February 2022.
The Energy Department in October said it would buy back oil for the reserve at $79 per barrel or lower, after it had received an average of about $95 a barrel from last year’s emergency sales. It plans to release monthly offers to buy crude for the emergency stash through May next year.
The new solicitation is for sour crude and the delivery will be received by the Big Hill SPR site in Texas.
The department has bought back nearly 9 million barrels for the reserve at about $75 a barrel. It has also secured the return of nearly 4 million barrels by February, several months ahead of schedule, from a previous exchange with oil companies.
Department officials have said that the return of oil is being tempered by planned life extension maintenance at the SPR, where oil is held in hollowed-out salt caverns on the Texas and Louisiana coasts. The reserve currently holds 351.9 million barrels of oil.
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isoservices on Mon, 26th May 2025 6:09 am
The U.S. Department of Energy (DOE) has announced a solicitation to purchase up to 3 million barrels of crude oil for the Strategic Petroleum Reserve (SPR), with deliveries scheduled between April and May 2025 at the Bryan Mound site in Texas. This initiative is part of the Biden administration’s strategy to replenish the SPR, which was significantly drawn down in 2022 following the release of 180 million barrels to mitigate fuel price surges after Russia’s invasion of Ukraine. MaxiCert is a prominent ISO certification and consultancy firm operating in Tanzania, offering a comprehensive suite of services to help businesses achieve and maintain international standards.https://maxicert.com/tanzania/iso-certification-in-tanzania/
iso consultant on Mon, 26th May 2025 8:43 am
The U.S. Department of Energy (DOE) has issued a request to acquire up to 3 million barrels of crude oil for the Strategic Petroleum Reserve (SPR), with deliveries planned for April to May 2025 at the Bryan Mound facility in Texas.
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masteriso on Tue, 27th May 2025 11:45 am
It’s interesting to see the U.S. moving to refill the Strategic Petroleum Reserve, especially given the current energy market dynamics. For ISO Certification In Australia contact us, Enhance Brand Reputation Certification adds credibility to your business.
masteriso on Fri, 30th May 2025 12:26 pm
This move definitely raises important questions about long-term energy strategy. While refilling the Strategic Petroleum Reserve may offer short-term security.For ISO Certification in Saudi Arabia contact us, Achieve Global Recognition
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ISO Advisor on Sun, 1st Jun 2025 11:17 am
The U.S. move to refill the Strategic Petroleum Reserve is a smart step toward energy security. It helps balance past emergency releases and future supply needs.
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