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US To Buy Oil For SPR Refill After June Sale

OIL

The US could start buying oil to refill the SPR after the congress mandated sales end in June, US Energy Secretary Jennifer Granholm said.

  • "That congressionally mandated sale of 26mn barrels will be completed by June, and it's at that point where we will flip the switch and then seek to purchase," Granholm said.
  • The Energy Department previously said it could start repurchasing in the fourth quarter following maintenance on two of the four reserve’s four sites.
  • The price floor for refills is at $67-72/bbl, the administration said.
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