U.S. Completes Strategic Oil Reserve Replenishment with Final Purchase

The Department of Energy has secured 200 million barrels, surpassing the amount sold in 2022 due to the Ukraine crisis.

The Biden administration finalized its purchase of 2.4 million barrels for the Strategic Petroleum Reserve, marking the completion of its replenishment efforts.
Overall, 200 million barrels have been acquired, exceeding the 180 million barrels sold during 2022 to mitigate high fuel prices post-Ukraine invasion.
Purchases were made at an average price below $76 per barrel, significantly lower than the $95 average sale price in 2022, resulting in a $3.5 billion profit.
Congressional action canceled the sale of 140 million barrels initially mandated, aiding the replenishment process.
The current reserve level stands at nearly 390 million barrels, restoring part of the buffer after reaching a 40-year low in 2022.