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US to Release Final 15mbbls from SPR and Refill below 67-72$/bbl


US has announced plans to take additional action to strengthen energy security, address the supply crunch, and lower costs.

  • DOE will sell 15mbbls from the SPR to be delivered in December to complete the planned 180mbbl SPR release. President Biden has called on the DOE to be ready for additional significant SPR sales this winter if needed due to Russian or other actions disrupting global markets.
  • US plans to repurchase crude oil for the SPR when prices are at or below about $67-$72/bbl. DOE will buy fixed price contracts through a competitive bid process for future delivery in 2024 or 2025.
  • Biden is also calling on companies to pass through lower energy costs to consumers right away.

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