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US DOE Wants to Halt SPR Sales to Enable Restocking

OIL

The US is looking to halt sales from the SPR mandated by Congress so it can refill the emergency petroleum reserve according to an agency official yesterday.

  • The Energy Department wants to cancel or delay sales mandated by Congress in fiscal years 2024 through 2027 so stocks can be refilled when crude prices reach around $70.
  • Congress has mandated the sale of 147mbbls of oil to pay for unrelated legislative initiatives including 35mbbls in fiscal 2024, according to ClearView Energy Partners.
  • “It doesn’t make sense for us to be releasing oil while we’re trying to refill the SPR,” said Doug MacIntyre, Deputy Director for the Office of Petroleum Reserves. “We can’t fill and release from the same site at the same time.”
  • The SPR, which has a capacity of around 700mbbls, is currently at about 389mbbls after most of the planned 180mbbls release from earlier this year has been completed.
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