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US Consider Additional SPR Release on Supply Risks

OIL

The US could consider an additional release of crude oil from the strategic reserves after the current program according to Energy Secretary Jennifer Granholm on Thursday.

  • A DOE official later said the US was not currently considering a further release. The current SPR release of 1mbpd for six months totalling 180mbbls will come to an end in October. A possible additional release could be made in November to January, but no decision has yet been reached.
  • The SPR reserves are currently 442mbbls with stocks likely to fall to about 380mbbls by the end of the current plan.
  • There is a risk of higher oil prices later this year due to potential lower Russian crude supplies. The EU ban on seaborne Russian crude comes into effect from Dec 5 and Russia has stated they will not supply oil to any nation implementing the planned G7 oil price cap.
USEnergy BulletsCommodities
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