U.S. pulls back offer to buy 6 million barrels of oil for emergency reserve

The Biden administration has pulled back an offer to buy 6 million barrels of oil for the Strategic Petroleum Reserve because of conditions in the market, an Energy Department spokesperson said on Tuesday.

The administration made the latest solicitation to buy the oil on July 7. After the administration released a record 180 million barrels from the reserve last year, the Energy Department has bought back only 6.3 million barrels in recent months.

The Energy Department “remains committed to its replenishment strategy for the SPR” which includes direct purchases, exchange returns and cancellation of planned sales where drawdown is unnecessary, in coordination with Congress, the spokesperson said.2