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US oil stockpile to be refilled this year: Energy secretary

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The United States plans to refill its strategic oil reserve by the end of 2024 after the stockpiles reached historic lows last year, Energy Secretary Jennifer Granholm said Monday. 'By the end of this year we will essentially be back to where we would have been absent the sales,' Granholm said at the CERAWeek energy conference in Houston.

The United States plans to refill its strategic oil reserve by the end of 2024 after the stockpiles reached historic lows last year, Energy Secretary Jennifer Granholm said Monday.Between September 2021 and July 2023, the United States released around 274 million barrels, dropping the SPR to its lowest level in 40 years. Washington established the reserve in the 1970s as an emergency stockpile after the 1973 energy crisis.began in June 2023 buying back oil to bolster the reserve.

"By the end of this year we will essentially be back to where we would have been absent the sales," Granholm said at the CERAWeek energy conference in Houston.Inventories will be boosted by another 140 million barrels that had originally been expected to be sold between 2023 and 2027 following the cancelation of congressionally mandated sales.

After surging in the wake of Russia's invasion, oil prices have been relatively stable since last fall. Producers in the OPEC+ alliance said earlier this month they would extend cuts of 2.2 million barrels per day into the second quarter to support prices.

 

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