U.S. Department of Energy said last week it will purchase another three million barrels of U.S.-sourced sour crude oil to add to the strategic petroleum reserve in August. DOE said Feb. 26 it wants to purchase oil at or below $79 per barrel. Bids for this solicitation are due by 11 a.m. (central), Wednesday, March 6. The oil will be added to the department’s Big Hill storage site in Jefferson County in southeast Texas.
DOE already has purchased 23.08 billion barrels for the SPR at an average price of $76.34. And DOE said it has cancelled 140 million barrels in sales of oil from SPR scheduled in 2024-27.