U.S. Plans October Replenishment of SPR with 3.3M Barrels, Monitors Oil Market

May 7, 2024, 04:41 PM

The U.S. Department of Energy has announced a solicitation for up to 3.3 million barrels of oil to replenish the Strategic Petroleum Reserve (SPR) in response to recent market conditions. Adviser Amos Hochstein affirmed that the Biden administration monitors oil markets and maintains that the current reserves are sufficient to address any supply concerns. The replenishment, scheduled for delivery in October, aligns with the administration's strategy to capitalize on lower oil prices to restore the depleted emergency oil cache. Additionally, the administration is prepared to use the SPR again if oil prices rise.