US releases another batch from SPR amid Middle East conflict
The US Department of Energy (DOE) has issued another batch of crude oil from its Strategic Petroleum Reserves (SPR) amid the ongoing US-Israel conflict with Iran.
IMAGE: Crude oil storage units. Getty Images
The DOE has released about 53.3 million bbls of crude oil from its Bayou Choctaw, Bryan Mound, Big Hill and West Hackberry site.
The US energy department has given the contracts to nine refiners including BP, ExxonMobil, Marathon Petroleum and Phillips 66.
The move continues the DOE’s rollout of the US’ 172 million bbls contribution to the International Energy Agency’s (IEA) coordinated effort to stabilise global oil supplies amid the Middle East conflict.
It follows the DOE’s Request for Proposal (RFP) for an emergency exchange of up to 92.5 million bbls of crude oil from its SPR, issued last month
“To date, approximately 35 million barrels have been delivered to the market [from the US SPR],” the US DOE said in a statement.
The move is expected to deliver immediate supply to refiners and the global oil market, according to the DOE.
The US SPR stands at around 393 million bbls as of 1 May, according to US Energy Information Administration (EIA) data.
By Aparupa Mazumder
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