US DOE kicks off SPR replenishment with plan to buy back 3 million barrels
The US Department of Energy Dec. 16 announced plans for its first repurchase of oil to begin replenishing the Strategic Petroleum Reserve following an unprecedented 180-million-barrel release over several months to combat energy price hikes spurred by Russia’s invasion of Ukraine. The DOE issued a solicitation for up to 3 million barrels of sour crude for delivery in February to…