United States Procures 2 Million Barrels of Oil for the Strategic Petroleum Reserve

United States Procures 2 Million Barrels of Oil for the Strategic Petroleum Reserve

United States Procures 2 Million Barrels of Oil for the Strategic Petroleum Reserve

The Energy Department announced on Tuesday that the United States has acquired 2.1 million barrels of crude oil to replenish the Strategic Petroleum Reserve (SPR) following last year’s record-breaking sale. The purchase, scheduled for delivery in February, was made at an average price of $74.23 per barrel, below the 2022 average of $95 per barrel.

United States Procures 2 Million Barrels of Oil for the Strategic Petroleum Reserve

In response to Russia’s invasion of Ukraine, the Biden administration conducted substantial sales last year, including a historic 180 million barrel transaction, aimed at stabilizing oil prices. The current acquisition brings the total replenishment after last year’s sales to approximately 11 million barrels, with an additional 4 million barrels expected to return to the SPR by February as oil companies return previously loaned oil through a swap arrangement.

Sunoco Partners Marketing & Terminals LP contributed 900,000 barrels to the SPR in the latest transaction, while Macquarie Commodities Trading US LLC and Phillips 66 Co (PSX.N) each sold 600,000 barrels, according to the Energy Department’s website.

In efforts to expedite replenishment, the Energy Department successfully canceled 140 million barrels in congressionally mandated sales from the SPR, scheduled from late this year through late 2026. This cancellation has resulted in significant progress toward restoring the reserve, as noted by the department.

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