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US DOE Plans to Buy 1.2mbbls of Crude into Strategic Reserve


The US energy department plans to buy 1.2mbbls of oil at 77.57$/bbl to help replenish the Strategic Petroleum Reserve.

  • The planned purchase for delivery is from two companies after 18 bids were submitted.
  • If finalized, the purchase would have brought 6mbbl into the SPR since July after the seeing withdrawals of over 300mbbls since mid 2020.
  • The US DOE is looking to buy crude to continue to refill the SPR at 79$/bbl or below out to at least May 2024.
  • “President Biden and DOE remain committed to refilling the SPR at fair prices,” said a statement from the Energy Department

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