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US buys 60 million barrels of oil to replenish strategic reserves

Oil storage tanks at a storage facility in Cushing, Oklahoma, USA. (Photo: Reuters)

The bidding process will begin in the fall, with the goal of replenishing about a third of the 180 million barrels already out of stock after the price oil strongly related to the Russia-Ukraine crisis.

The U.S. Department of Energy said it has timed its next buyback and delivery in anticipation of a significant drop in oil prices.

In a statement, Energy Secretary Jennifer Granholm said the SPR Warehouse, the largest emergency supply in the world, is a valuable tool to protect the US economy and consumers from disruptions. supplies, whether due to emergencies at home or abroad.

The U.S. Department of Energy said it would take steps to relax buyback regulations to allow for more competitive bids in the index-based pricing system commonly used to sell oil from the SPR Warehouse.

This acquisition is separate from the sale of oil from the SPR Warehouse to increase revenue mandated by the US Congress, which the agency predicts will total about 265 million barrels from fiscal year 2023 to 2031.

At the end of March 2022, US President Biden announced the largest ever “release” from the SPR Warehouse – with 180 million barrels within 6 months, to offset the price spike that began months ago there and because of the war in Ukraine.

Previously, the US government announced a lower output of oil from the SPR Depot of 30 million barrels in March 2022 and 50 million barrels in November 2022.

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