U.S. Energy Department Wants 4.5 Million Oil Barrels for Strategic Petroleum Reserve
The US Department of Energy (DOE) is seeking up to 4.5 million barrels of oil for the country’s Strategic Petroleum Reserve (SPR) from October through December.
According to Offshore Technology, the department is now arranging the return of nearly 4mbbl barrels of exchanged oil as part of its plan to replenish the SPR, aimed at helping “bring down prices for American consumers and businesses”.
The department recently offered to purchase oil to restock the SPR, with US Energy Secretary Jennifer Granholm, according to a US news outlet, saying in June that the department could quickly replenish the SPR this year.
“The DOE continues to aim for $79 per barrel or less, significantly lower than the average of about $95 per barrel DOE received for 2022 emergency SPR sales,” the department said in a statement.