US Not Currently Discussing Sale of Oil From SPR, Source Says

(Reuters) – Selling oil from the U.S. Strategic Petroleum Reserve after the U.S. and Israeli attacks on Iran is ‘not currently being discussed’, a U.S. source said on Monday.

“Oil markets remain well supplied”, the source said.

The SPR, held on the coasts of Louisiana and Texas, is the world’s largest emergency oil stockpile, currently hold more than 415 million barrels of crude.

Former President Joe Biden ordered the biggest sale ever from the reserve, 180 million barrels over six months, after Russia, a top oil producer, invaded Ukraine in 2022.

The Biden administration only bought back a small amount of oil for the reserve after the sale and President Donald Trump has also been limited in buying back crude as Congress must approve funding.

Reporting by Timothy Gardner; Editing by Chizu Nomiyama

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