The Energy Information Administration forecast the levels of the US Strategic Petroleum Reserves (SPR) to decline from 618 million barrels as of October 1, 2021, to around 314 million barrels by the beginning of 2023. The decrease is attributed to the release of 50 million barrels of SPR crude oil announced recently and other legislated releases in the future. Earlier in November, the US passed the Infrastructure Investment and Jobs Act which includes a provision to draw down 87.6 million barrels of SPR crude oil from 2028 through 2031.
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Published on November 30, 2021 5:21 PM (GMT+8)Last Updated on November 30, 2021 5:21 PM (GMT+8)
