Strategic Petroleum Reserve

Oil prices kicked off the new week on a bullish trajectory, with spot contracts for light crude West Texas Intermediate (WTI) surging above $82 per barrel, marking a return to levels last observed in early November 2023. The surge in oil prices is propelled by tightened conditions in the global...

The Biden administration has been slowly replenishing stocks in the Strategic Petroleum Reserve (SPR) as oil prices fell in the fourth quarter, buying crude at prices that could rate the president as an oil trading legend. The SPR is an emergency stash of crude oil — the world’s largest —...

OPEC+ on Sunday announced that it will limit combined oil production to 40.463 million barrels per day in 2024, with voluntary cuts announced by some of the members that were set to expire by 2023 extended to 2024. Saudi Arabia said it would implement an additional 1 million barrel per day cut for...

The Department of Energy has issued a solicitation for sour crude oil as it seeks to purchase up to 3 million barrels of oil for the Strategic Petroleum Reserve (SPR) in continuation of the Biden-Harris Administration's three-part replenishment plan. The DOE said in a statement that it aims to...

Two Republicans on Monday, including Sen. John Barrasso (R-Wyo.) and Representative Cathy McMorris Rodgers, have written a letter to the Comptroller General of the United States, asking the watchdog to assess the Joe Biden administration’s management of the Strategic Petroleum Reserve, or SPR...

President Joe Biden's administration said on Monday it is reportedly selling 26 million barrels of crude oil from the Strategic Petroleum Reserve — a step that may temporarily push the reserve below its current level of about 372 million barrels, its lowest level since 1983. The Department of...

U.S. Energy Secretary Jennifer Granholm reportedly said on Monday that President Joe Biden will veto the HR21 Bill by U.S. House of Representatives Republicans on the Strategic Petroleum Reserve if it passes Congress. “So I’ll be very clear: If Congress were to pass HR21, the...

U.S. President Joe Biden will likely release additional oil from the Strategic Petroleum Reserve, or SPR, this week, less than three weeks from the midterm polls scheduled for Nov. 8. What Happened: The Biden administration is set to announce this week the sale of the last tranche of 14...

Oil prices pulled back steeply to an 18-year low Wednesday, settling the session at $20.37, although the commodity has made a modest recovery since then. The commodity has seen weakness from a one-two punch: a slowing global economy that translates to reduced oil consumption and wrangling between...