The U.S. Administration will not rush into buying crude to refill the Strategic Petroleum Reserve (SPR), and purchase plans don’t contain any oil price below which the Administration will start buying the crude, the U.S. Department of Energy says. In March, the Biden Administration authorized the release of 1 million barrels per day (bpd) from the SPR over a period of six months in a bid to lower oil prices and potentially boost domestic production through contracts with companies to purchase future oil at fixed prices.
The SPR releases are…The U.S. Does Not Plan To Refill Its SPR With Sub-$80 Oil
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