US Continues Monthly Oil Purchases for Strategic Reserve Through May

The US plans to purchase oil for its strategic petroleum reserve (SPR) on a monthly basis through at least May, as the Biden administration aims to replenish the reserve, which is currently at its lowest levels in 40 years. The Energy Department has issued a solicitation to buy up to 3 million barrels of sour oil for delivery in March, following a previous tender for the same amount in February.