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US Set to Market Remainder of SPR Release this Week

OIL

The Biden administration is set to sell the remaining volumes from the SPR 180mn bbl release ahead of next months congressional elections according to Reuters reports.

  • An announcement by Biden is expected this week that would market the last 14mn bbls.
  • The administration has also spoken with oil companies about selling an additional 26 million barrels from a congressionally mandated sale in fiscal year 2023, which began Oct. 1.
  • White House officials have spoken with energy companies about buying back oil through 2025 to replenish the SPR which there may be further announcements on this week.

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