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U.S. SPR Refill "Could Pick Up": Granholm

OIL

The U.S. may speed up its SPR refill as maintenance on the stockpile is completed by the end of the year, Energy Secretary Jennifer Granholm told Reuters on Tuesday.

  • The U.S. has bought about 3mn bbls of oil for the SPR each month to try and replace the 180mn bbls released in 2022 in efforts to control inflationary pressures.
  • "It could pick up more than that," Granholm said on the current purchases of 3mn bbls/month.
  • "All four sites will be back up by the end of the year, so one could imagine that pace would pick up, depending on the market," she said.
  • "We want to continue to take advantage of the market when it is right for the taxpayers," Granholm said.
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