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US Considers Cancelling Next SPR Sale

OIL

The US is reviewing cancelling the next planned sale of SPR crude this year, as the government switches to focus on refilling the reserve according to Energyintel sources.

  • The planned releases of 26mn barrels, scheduled to take place by September of this year, are under review, sources said.
  • Congress already cancelled 140mn barrels of required sales last year for the four fiscal years starting in Oct 2023 at the administration's request.
  • US Energy Secretary Jennifer Granholm outlined a strategy for the SPR on Monday that includes significant repurchases over the next two years.
  • "These repurchases will continue to be informed by consistent evaluation of the energy market and geopolitical unrest that has disrupted energy flows globally," said a Department of Energy spokesperson.
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