The Biden administration said on Monday it is selling 26 million barrels of crude oil from the Strategic Petroleum Reserve, a release that had been mandated by Congress in previous years.
The department said it is implementing a three-part strategy to refill the reserve in the long term, including repurchases with revenues from emergency sales, returns of more than 25 million barrels of oil from previous exchanges, and working with Congress to avoid "unnecessary sales unrelated to supply disruptions to strategically maintain volume.
But U.S. crude prices have risen to about $80 a barrel on concerns about Western sanctions on Russia for its war on Ukraine and after Moscow said it was cutting production in March by about 500,000 barrels per day, or about 5%.delivery of the first batch of oil back to the SPR after the record sale would likely begin not until after the 2023 fiscal year, which ends after September.
The DOE said it expects that companies will return 3.1 million barrels of oil to the SPR this fiscal year and 22 million barrels in fiscal year 2024 from exchanges, or short term loans of oil conducted to help deal with supply concerns in the wake of hurricanes. Last year, Congress canceled sales of about 140 million barrels from the SPR that had been set to take place from fiscal year 2024 to fiscal year 2027, after a DOE proposal to stop them.
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