U.S. Puts 17 Million More SPR Barrels Up for Exchange
The latest solicitation is part of Washington’s IEA commitment, but an earlier offer drew little interest from companies.
Key takeaways
- The Department of Energy is seeking proposals to exchange up to 17 million barrels of crude.
- Companies took only about 500,000 barrels from an earlier offer in June.
The U.S. Department of Energy is seeking proposals to exchange up to 17 million barrels of crude from the Strategic Petroleum Reserve. The offer is part of Washington’s 172-million-barrel commitment under the International Energy Agency’s emergency action.
The SPR held about 283 million barrels on Friday, according to the report. If companies take the full amount before returning any crude, inventories would fall to roughly 266 million barrels.
An earlier DOE offer in June drew agreements for only about 500,000 barrels. That offer required companies to return the crude later, with premiums of as much as 24%.
The American Petroleum Institute estimated U.S. crude inventories fell 11.12 million barrels last week. The IEA said Thursday it would accelerate the release of about 100 million barrels still outstanding from its March action.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
