Approximately 800,000 barrels of domestic sour crude per month will be delivered to the reserve site in Bryan Mound, Texas.
The United States bought nearly 2.5 million barrels of Oil to help replenish reserves Strategic Petroleum after the largest ever sale from the facility in 2022.
About 800,000 barrels of domestic sour crude will be delivered monthly to the reserve site in Bryan Mound, Texas, from January to March 2025, the Energy Department said in a statement. American.
The oil purchase contract worth more than $180.3 million was awarded to Macquarie Commodities Trading, it added in a statement issued on Friday.
United States.. 6 million barrels to support the strategic reserve
On August 12, the US Department of Energy said it planned to buy up to 6 million barrels, at a rate of 2 million per month, from January to March, and did not immediately respond to a query about whether it could buy the remaining 3.5 million barrels for the Bryan Mound delivery site in that time period.
The Biden administration is slowly replenishing the reserve after selling 180 million barrels from the facility in 2022 to control gasoline prices.
The Energy Department said the administration has repurchased more than 47 million barrels so far, at an average price of $76.89 per barrel, about $18 below the average price of $95 per barrel at which it sold oil in 2022.
Strategic oil reserves down 41%
As of last week, the SPR had 377.2 million barrels of oil stored, including 143.4 million barrels of sweet crude and 233.8 million barrels of sour crude.
The recent purchase and increased demand are part of the Department of Energy’s ongoing efforts to replenish supplies in the national stockpile.
The Department of Energy has been adding to the strategic reserve every month in 2024, though levels are still about 41% below where they were when President Joe Biden took office in January 2021.
In 2021, the Ministry of Energy carried out a regular series of strategic oil consumption operations to mitigate the rise in energy prices amid the recovery from the Covid-19 pandemic.
