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US Awards Contracts for 3.2m bbl SPR Refill

OIL

The US DoE announced that contracts have been awarded for the acquisition of 3.2m bbl of US produced crude for April 1-30 delivery to the Big Hill storage site.

  • This follows the proposal which was announced Jan. 3.
  • The barrels were purchased at an average price of $75.96/b, compared to the average price of $95/b that SPR crude was sold for in 2022.
  • The contracts were awarded to five companies that met the quality and spec requirements.
  • To date, the DoE has purchased a total of 17.03m bbl at an average price of $75.75/b.

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