U.S. Administration Buys 6 Million Barrels of Crude for SPR

The U.S. Administration has awarded contracts to buy 6 million barrels of crude oil for the Strategic Petroleum Reserve (SPR) for deliveries through May 2025, the Department of Energy said this week. The contracts were awarded last week and are for deliveries of 1.5 million barrels per month between February and May 2025 to the Bayou Choctaw site in Louisiana, following the Request for Proposal (RFP) that was announced on September 18. In August, the Administration said that the United States would continue to buy crude when prices are in the $70s…