Announcement Follows Commitment from IEA Member Countries to Collective Release of 60 Million Barrels from Strategic Petroleum Reserves
WASHINGTON, D.C.— Today, President Biden authorized and directed the Secretary of Energy to release crude oil from the Strategic Petroleum Reserve to address significant market and supply disruptions related to President Putin’s unprovoked and unjustified invasion of Ukraine. The U.S. Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management (FECM) plans to issue a Notice of Sale for the 30-million-barrel sale on March 2.
Today’s notice is part of a coordinated action with the member countries of the International Energy Agency to collectively release an initial 60 million barrels of oil from strategic petroleum reserves, reflecting a common focus and willingness to address significant market and supply disruptions related to President Putin’s war on Ukraine.
Any company registered in the SPR’s Crude Oil Sales Offer Program is eligible to participate in the sale. Other interested companies may register through the SPR website’s Crude Oil Sales Offer Program.