ICYMI – US has placed on maintain plan to refill emergency oil reserve amid excessive costs

The Biden administration had introduced an extra 3 mn barrel buy plan final month. That is been cancelled for now.

The Strategic Petroleum Reserve (SPR) at the moment accommodates 363 million barrels of oil, down 43% from January 2021. Provides from the SPR hit the market when oil costs rocketed larger in late 2021.

The US Division of Vitality mentioned it stays dedicated to refilling the SPR, however for now its pulling again on buy plans:

  • “Keeping the taxpayer’s interest at the forefront, we will (go ahead with the announced 3mn barrel buy) … and will continue to solicit available capacity as market conditions allow”