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US Seeking 6m bbl or the SPR: Reuters

OIL

The Biden Administration said it is seeking to buy another 6m for the SPR, according to the DoE, cited by Reuters.

  • The solicitation is also the first for delivery into Bryan Mound, Texas. It is looking for 2m bbl into that site.
  • The US is looking to replenish the stock at prices under the $79.99/b level.
  • The US has so far bough back around 43m bbl after it sold 180m bbl in 2022.

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