US replenishes strategic reserve oil reserves
2022.12.16 12:31
US replenishes strategic reserve oil reserves
Budrigannews.com – The first purchase since this year’s record-breaking 180 million barrel release from the stockpile, the U.S. Energy Department announced on Friday that it will begin purchasing back oil for the Strategic Petroleum Reserve, or SPR.
A senior official informed reporters that the department will purchase 3 million barrels for delivery in February. Concerns about energy security were raised because the 180 million sale resulted in SPR levels falling to levels not seen since 1984.
The official stated, “We’ll be releasing a solicitation to purchase 3 million barrels of oil for delivery in February of the following year, 2023.” This approach will secure in a cost forthright when organizations present their offers.”
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The Energy Department will also carry out an exchange of approximately 2 million barrels from the SPR, which businesses will be required to return at a later date, to help alleviate supply shortages at refineries following an oil spill that shut down the Keystone crude pipeline last week.
The official stated, “We are able to do that at the same time we are doing the 3 million barrel buyback.”
