DOE Purchases 6 Million Barrels of Oil from Exxon for SPR

Sep 30, 2024, 09:45 PM

The U.S. Department of Energy (DOE) has announced the purchase of an additional 6 million barrels of crude oil for the Strategic Petroleum Reserve (SPR). These purchases are scheduled for delivery from February through May of 2025, at a rate of 1.5 million barrels per month. This acquisition is part of an ongoing effort to replenish the SPR, following the largest-ever sale ordered by President Joe Biden. The DOE has now purchased over 55 million barrels to refill the SPR. The latest purchase includes U.S. sour crude from Exxon.