Islamabad, Oct 1: US Buys 6 Million Barrels for Oil Reserve
The United States has purchased 6 million barrels of oil for its Strategic Petroleum Reserve (SPR), with deliveries scheduled through May 2025, according to the Department of Energy.
The US acquired 3.5 million barrels from Exxon Mobil, 2 million barrels from Shell Trading Company, and 500,000 barrels from Macquarie Commodities Trading US. The total cost of the oil amounted to over $411 million.
This sour crude will be delivered at a rate of 1.5 million barrels per month between February and May 2025 to the Bayou Choctaw site in Louisiana.US Buys 6 million Barrels for Oil Reserve
To continue replenishing the SPR, it will need to seek additional funding from Congress or cancel future sales that have been mandated.
Previously, the department worked with Congress to cancel sales of 140 million barrels scheduled through 2027, which were intended to generate revenue for government programs.
The department previously worked with Congress nearly two years ago to help replenish the SPR by cancelling sales of 140 million barrels that had been mandated through 2027 to raise money for government programs.
To continue to keep filling the SPR after that, the department must ask Congress for more money and/or persuade it to cancel upcoming congressionally mandated sales.
