US Energy Dept seeks 3M barrels of crude for strategic reserve

The US Department of Energy is looking to purchase up to three million barrels of crude oil for delivery in April to help boost the strategic petroleum reserve (SPR).

This is a continuation of the department’s strategy of consistent solicitations aimed at purchasing oil at a price of $79 per barrel or below, which is far less than the average of about $95 per barrel received in 2022.

The department has already bought back a total of 13.83 million barrels at an average price of roughly $75.63 a barrel, according to an official statement on its website.

It will continue to issue monthly requests at least until May 2024. It also worked with the Congress to cancel what had been mandatory sales of 140 million barrels for 2024-2027.