Buying crude been hampered by an ongoing modernization effort at the SPR dubbed Life Extension 2 program that aims to improve operational integrity
Last year, the Biden administration conducted the largest ever sale from the Strategic Petroleum Reserve SPR to the tune of 180 million barrels, in a bid to stabilize soaring oil prices in the aftermath of Russia's invasion of Ukraine. The administration set a target to start refilling the reserve once oil prices dropped to $70 per barrel but later the department announced that it hopes to sign purchase contracts for the oil at $79 a barrel.
Further, any buyback programs would have to be carefully coordinated to prevent price hikes. This brings us back to Standard Chartered’s report earlier this week noting that $98 oil is quite well supported by supply and demand fundamentals, with expectations that global demand will grow by 1.5 million barrels per day mb/d in 2024, with non-OPEC supply adding 0.88mb/d led by the US, Canada, Guyana and Brazil.
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