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U.S. Energy Department Solicits 3 Million Barrels for Strategic Petroleum Reserve Delivery in 2025; Bids Due November 6

Oct 28, 2024, 07:25 PM

The U.S. Department of Energy's Office of Petroleum Reserves has announced a new solicitation for up to 3 million barrels of oil to be delivered to the Strategic Petroleum Reserve's Bryan Mound site from April 2025 through May 2025. Bids for this solicitation are due by 11:00 a.m. Central Time on November 6, 2024, and are contingent on available funding. This initiative is part of ongoing efforts to strengthen the Strategic Petroleum Reserve, which currently holds over 190 million barrels. The solicitation follows previous successful direct sales and aims to enhance the reserve's capacity amid fluctuating oil prices, with April and May contracts currently trading in the $66 range.