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US Could Start SPR Refill In Q3 If Price is Right

OIL

The US could begin to refill the SPR as soon Q3 2023 if the price is right according to a US energy official.

  • “I think as we get into the early fall, if prices are in the right place, we are still 100% committed to replenishing the SPR over a period of time,” said Amos Hochstein.
  • The timeline would be impacted by maintenance on the infrastructure while the reserve is half empty and any changes to the congressionally mandated sale of 26mbbls by June 30. “We cannot release and purchase, repurchase at the same time,” he said.
  • “We sold the oil at well above $90 a barrel on average. If we can buy back at $70 a barrel that is both prudent, good management of the SPR itself, and a good deal for the American people financially,” he said.

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