"Biden Administration Initiates Bidding for 3M Barrels for Strategic Petroleum Reserve"

The Biden administration is seeking bids for another 3 million barrels of crude oil for the Strategic Petroleum Reserve at a price of $79 per barrel or less, as part of its effort to replenish the reserve after selling a record amount of oil in 2022. The reserve currently holds around 360 million barrels, with nearly 60% being sour crude. Analysts note that potential supply disruptions, such as the recent near-miss of a U.S.-flagged tanker by Houthi rebels in Yemen, are impacting oil markets, while Goldman Sachs predicts OPEC+ will extend production cuts to maintain a moderate deficit in the market.