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Granholm States US Intent to Refill SPR

OIL

The Biden administration plans to refill the US Strategic Petroleum Reserve soon, and hopes to refill it at lower oil prices if it's advantageous to taxpayers during the rest of the year, according to US Energy Secretary Jennifer Granholm earlier.

  • The administration had previously said it would refill the SPR around the $70/bbl range, something it failed to do when it hit that range in recent weeks leaving uncertainty around the commitment to do so.
  • The SPR is currently selling crude oil from two of the four SPR storage sites in the United States, Granholm said, fulfilling the congressional mandate to sell 26 million barrels in fiscal 2023.
  • Granholm added that the US wants to bring the SPR “back to pre-Ukraine war level” after selling 180mn bbls last year.
Energy BulletsCommodities
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