Sufficient US Oil Reserves to Address Any Supply Concern: Hochstein

The U.S. is monitoring markets and has sufficient oil in the Strategic Petroleum Reserve to address any supply concerns, according to US energy adviser Amos Hochstein cited by Reuters.

• "We have been replenishing into the SPR for the last several months. I think we have sufficient supply in the SPR to address any kind of concern in the economy if we need it," Hochstein said.
• "For now I think we'll continue to monitor markets and if we need to use the SPR the president has shown a willingness to use it to support the U.S. economy."
• The SPR has built back 366mbbls from a low of 347mbbls in July last year following the sale of 180mbbls from the reserve after Russia's 2022 invasion of Ukraine.
• The US Energy Department cancelled plans to refill the US SPR with 3mbbl of oil due to higher prices that was planned to be delivered in August and September.
• The US government has a target to purchase oil at $79/bbl or lower to refill the reserves. However, the government spent $81/bbl on average in its the last purchase.