US to add 2.5 million bbls of crude to SPR

The US Department of Energy (DOE) announced a tender to buy up to 2.5 million bbls of crude oil to replenish its Strategic Petroleum Reserves (SPRs).

PHOTO: Silhouette of oil pumpjacks with the US flag in the background. Getty Images

The energy department intends to buy about 2.5 million bbls of crude at an average price of $79/bbl or below. Earlier in August, it purchased up to 3.5 million bbls of crude oil for deliveries in January 2025.

For the latest SPR purchase, the DoE announced contracts of over 800,000 bbls/month from January through March 2025, bound for delivery at the Bryan Mound site. “Another solicitation for Bryan Mound delivery between January and March will be released next week,” the DOE said.

The DOE will purchase the tender from Macquarie Commodities Trading US, it said.

The US energy department has so far purchased more than 47 million bbls of crude oil for the SPR at an average price of about $77/bbl. The crude oil stocks are stored in underground salt caverns at four sites in Texas and Louisiana.

The SPR is one of the world’s largest emergency crude oil reserves. When the US purchases crude oil to fill its SPR, significant amounts of oil are removed from the market, which could potentially tighten supply and support prices.

The SPRs stood at around 377 million bbls as of 16 August, according to US Energy Information Administration (EIA) data.

By Aparupa Mazumder

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