RE:RE:SPR levelPublished date: 05 May 2022
The US Energy Department said it will call for bids this autumn for companies to sell it 60mn bl of crude to inject into the SPR . "As we are thoughtful and methodical in the decision to drawdown from our emergency reserve, we must be similarly strategic in replenishing the supply so that it stands ready to deliver on its mission," US energy secretary Jennifer Granholm said.
The upcoming 60mn bl purchase is meant to be the "first tranche" of purchases to replenish the SPR, the agency said, after Biden announced plans in late March to withdraw 180mn bl from the reserve. The SPR at the end of last month held 550mn bl of crude, but inventories could drop below 400mn bl later this year if Biden is able to sustain his targeted 1mn b/d withdrawl over a six-month period.