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US Announces Intention to Buy 6m Bbl for SPR

OIL

The US Department of Energy is looking to buy 6m bbl more barrels for the SPR as it refills while prices are lower, according to Bloomberg.

  • The DoE announced two solicitations June 7.
  • The first is for 1.5m bbl of sour crude for delivery into Bayou Choctaw at a price no higher than $79.99/b.
  • The Energy department is also looking for 4.5m bbl for delivery across October-December.
  • The DoE has already purchased 38.6m bbl of oil for the SPR in 2024 so far, after it drew down 180m bbl following Russia’s invasion of Ukraine.

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