Monday,
December 6
December 6
DOE Strategic Petroleum Reserve Crude Oil Release
The U.S. Energy Department is due to receive bids from companies interested in receiving crude oil from the Strategic Petroleum Reserve in response to the agency’s 32-million-barrel exchange solicitation opened on Nov. 24. U.S. President Biden announced the release of 50 million barrels of crude oil from the reserve in response to the highest oil prices experienced in seven years. Exchange crude oil will be returned to the reserve during 2022, 2023, and 2024. Notice of sale for up to 18 million barrels, as part of a sale previously authorized by Congress, is expected to be announced by Dec. 17, 2021. As the global economy recovers from the COVID-19 pandemic, oil supply has not increased at pace to meet demand, prompting the release to address the mismatch between demand and supply.