The U.S Department of Energy (DOE) has issued a tender seeking 3 MMbbl of crude oil for its Bryan Mound, Texas, reserve site, for supply during April-May 2025. Bids are due by 11am CT on November 6.
These purchases are part of restocking plan following a historic release of 180 MMbbl in 2022 to quell rallying oil prices in the wake of Russia’s invasion of Ukraine. The DOE’s buyback plan has yielded over 55 MMbbl of oil for the Strategic Petroleum Reserve (SPR) at an average price of about $76/bbl. During its emergency sale, the DOE sold SPR oil at roughly $95/bbl.
