US Solicits 1M Barrels for SPR Refill

The U.S. Energy Department has issued a solicitation to buy 1 million barrels of crude for the Strategic Petroleum Reserve, seeking delivery to the Bryan Mound site in Texas in December and January using $171 million appropriated for crude purchases. The SPR has a 700-million-barrel capacity but currently holds roughly 407–409 million barrels after a record 180-million-barrel drawdown in 2022 that also delayed critical maintenance. Bids are due Oct. 28, purchases will be made through a spot-price-indexed contract, and offers are limited to U.S. companies or U.S. subsidiaries sourcing domestically produced crude. Energy Secretary Chris Wright said the purchase will strengthen energy security and reverse prior administration policies, and officials said relatively low oil prices make this an opportune time to buy. Analysts and department officials warn that corrosion-prone above-ground infrastructure and the limited $171 million allocation will constrain how much the reserve can be replenished without additional congressional funding.