U.S. Set to Slowly Refill SPR as Crude Buys Extend Into 2025

The United States will continue to buy crude when prices are in the $70s a barrel or lower and plans to add several million barrels of crude to the Strategic Petroleum Reserve early next year. The U.S. Department of Energy (DOE) is continuing its efforts to bolster the depleted SPR with new oil purchases. DOE's Office of Petroleum Reserves has recently announced a call for bids to supply up to 1.5 million barrels of oil to the Bayou Choctaw site in January 2025. An additional solicitation will follow on August 12, 2024, for another 2 million barrels…