The US Department of Energy said that it will add more than six million barrels of oil to its stockpiles to address “significant” global supply disruption it blamed on Russia's military offensive in Ukraine.
The DoE acquired three million barrels for the US' Strategic Petroleum Reserve (SPR) through contracts that were awarded by the DoE's Office of Petroleum Reserves, it said in a statement on Friday.
They were purchased for an average price of about $73 per barrel, lower than the average of about $95 per barrel that SPR crude was sold for in 2022, “securing a good deal for taxpayers”, the DoE said.
The contracts were awarded to five out of 10 companies who submitted proposals.
The supplies will be delivered to the Big Hill SPR storage site in Texas from August 1 to August 31, it said. Contracts will be awarded to chosen candidates by June 30.
The DoE also announced a new notice of solicitation for a further 3.1 million barrels to be added to the SPR in September, it said.
The move, which is part of the Biden administration's three-part replenishment programme, follows the “historic release from the SPR to address the significant global supply disruption caused by [Russian President Vladimir] Putin’s war on Ukraine”, the DoE said in the statement.
“Analysis from the Department of the Treasury indicates that SPR releases last year, along with co-ordinated releases from international partners, reduced gasoline prices by up to roughly 40 cents per gallon compared to what they would have been absent these drawdowns.”
Crude oil prices rose in March last year after Russia began its special military operation in Ukraine. Brent, the benchmark for two thirds of the world’s oil, peaked at nearly $130 at the time.
That prompted Washington to make the largest sale yet from the SPR of 180 million barrels, which was part of a strategy to stabilise oil markets and fend off high petrol prices.
On Friday, oil prices ended lower and posted a second week of losses on demand concerns and a report that the US and Iran were close to reaching an interim nuclear deal.
Brent slid 1.54 per cent to settle at $74.79 a barrel, while West Texas Intermediate, the gauge that tracks US crude, closed down 1.57 per cent at $70.17 a barrel.
The US strategy to reload its crude stockpiles includes direct purchases with revenue from emergency sales, exchange returns that include a premium to volume delivered and legislative solutions that avoid unnecessary sales unrelated to supply disruptions, according to the DoE.
The department has already seen to the cancellation of 140 million barrels in congressionally mandated sales scheduled for fiscal years 2024 through 2027, leading to “significant progress towards replenishment”, it said.
“The DoE continues to prioritise the operational integrity of the SPR to ensure that the SPR can continue to meet its mission as a critical energy security asset,” it said.
“The SPR has a long history of protecting the economy and American livelihoods in times of emergency oil shortages.”
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COMPANY%20PROFILE
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
The biog
Favourite food: Fish and seafood
Favourite hobby: Socialising with friends
Favourite quote: You only get out what you put in!
Favourite country to visit: Italy
Favourite film: Lock Stock and Two Smoking Barrels.
Family: We all have one!
UAE currency: the story behind the money in your pockets
More from Neighbourhood Watch:
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EDamian%20Szifron%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Shailene%20Woodley%2C%20Ben%20Mendelsohn%2C%20Ralph%20Ineson%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
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MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
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UAE currency: the story behind the money in your pockets
