World Oil (Bloomberg) –The first oil from President Joe Biden’s release from the country’s emergency crude reserves is being granted to Exxon Mobil Corp. The company will receive 4.8 million barrels of oil from the Strategic Petroleum Reserve as part of an exchange, the Department of Energy said Friday on its website. Delivery will be conducted from the Bryan Mound,
EIA On Tuesday, November 23, the White House announced plans to make 50 million barrels of crude oil available to the market through a combination of exchanges and accelerating previously announced sales. With these sales and several other legislated drawdowns, SPR inventories could decline from 618 million barrels (as of October 1, 2021) to about 314 million barrels by the start of the 2032
Source: Houston Chronicle WASHINGTON – Plans to shrink the U.S. Strategic Petroleum Reserve by 40 percent over the next eight years risks a spike in global energy prices, a top official at the International Energy Agency warned the Senate Thursday. Congress has authorized the sale of almost 260 million barrels of crude over the next eight years to help fund
From Houston Chronicle/Bloomberg The U.S. has no plans to tap the nation’s emergency oil stockpile to offset supply losses from Iran, according to U.S. Energy Secretary Rick Perry. Selling oil from the Strategic Petroleum Reserve would have “a fairly minor and short-term impact,” Perry told reporters in Washington on Wednesday. Following his remarks, oil jumped higher to erase most of the
Recent U.S. legislation has directed the sale of more than 100 million barrels of oil from the Strategic Petroleum Reserve (SPR) in government fiscal years 2022 through 2027. Based on legislated sales established in multiple acts of Congress, the SPR could decline by about 40% in the coming decade while still meeting requirements for petroleum import coverage, the EIA said.
At Today’s Lower Prices China is Adding 70-90 MMBoe to SPR with Strategic Crude Oil Purchases Simultaneously to the Peoples Bank of China intentionally depreciating the Yuan last week, China’s National Energy Administration announced on May 31, 2016 that the country is planning to implement changes to how oil reserves are handled. Private companies will be engaged to build and
Recently enacted laws call for the sale of SPR oil to reduce the budget deficit and fund new infrastructure projects The Strategic Petroleum Reserve (SPR) is a U.S. Government complex of four sites with deep underground storage caverns created in salt domes along the Texas and Louisiana Gulf Coasts. The caverns have a design capacity of 714 million barrels and store emergency
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