On June 23, 2011, U.S. Energy Secretary Steven Chu announced that the U.S. and its partners in the International Energy Agency decided to release a total of 60 million barrels of oil onto the world market over the next 30 days to offset the disruption in the oil supply caused by unrest in the Middle East. As part of this effort, the U.S. planned to release 30 million barrels of oil from the Strategic Petroleum Reserve (SPR).
"We are taking this action in response to the ongoing loss of crude oil due to supply disruptions in Libya and other countries and their impact on the global economic recovery," said Energy Secretary Steven Chu. "As we move forward, we will continue to monitor the situation and stand ready to take additional steps if necessary."
On July 11, 2011, DOE announced award of 28 contracts to 15 companies for the sale of 30,640,000 barrels of sweet crude oil for deliveries during August 2011. Delivery schedules and transportation arrangements are the responsibiliy of the purchasers, and some requests to DOE for early deliveries during July were accommodated. By September 2, 2011, DOE had fulfilled 100% of the sales contracts.
Drawdown Deliveries by SPR Site*
(Reflects nominal scheduled quantities)
SPR Oil Deliveries Scheduled* | |||||
Week | Big Hill | West | Bryan Mound | Total | Deliveries |
Jul 17-23 | 200,000 | 2,050,000 | 2,120,000 | 4,370,000 | 4,370,000 |
Jul 24-31 | 200,000 | 1,750,000 | 2,020,000 | 3,970,000 | 3,970,000 |
Aug 1-7 | 1,300,000 | 1,550,000 | 2,100,000 | 4,950,000 | 4,950,000 |
Aug 8-14 | 2,605,000 | 1,520,000 | 1,925,000 | 6,050,000 | 6,050,000 |
Aug 15-21 | 700,000 | 2,490,000 | 2,050,000 | 5,240,000 | 5,240,000 |
Aug 22-28 | 500,000 | 2,060,000 | 2,000,000 | 4,560,000 | 4,560,000 |
Aug 29-31 | - | 500,000 | 1,000,000 | 1,500,000 | 1,500,000 |
TOTAL | 5,505,000 | 11,920,000 | 13,215,000 | 30,640,000 | 30,640,000 |
*Weekly quantities may change to reflect schedule revisions.
Drawdown Deliveries by Company/Contract**
(Reflects nominal scheduled quantities)
Purchaser | Contract Number | Contract Quantity | Deliveries Completed |
Barclays Bank Plc | DE-SC96-11PO97000 | 200,000 | 200,000 |
ConocoPhillips | DE-SC96-11PO97001 | 1,100,000 | 1,100,000 |
DE-SC96-11PO97002 | 1,000,000 | 1,000,000 | |
ExxonMobil Oil Corporation | DE-SC96-11PO97003 | 1,510,000 | 1,510,000 |
Hess Energy Trading Company | DE-SC96-11PO97004 | 2,000,000 | 2,000,000 |
J.P. Morgan Ventures Energy Corporation | DE-SC96-11PO97005 | 1,500,000 | 1,500,000 |
Marathon Petroleum Company | DE-SC96-11PO97006 | 1,000,000 | 1,000,000 |
DE-SC96-11PO97007 | 1,000,000 | 1,000,000 | |
Murphy Oil USA, Inc. | DE-SC96-11PO97008 | 500,000 | 500,000 |
Plains Marketing LP | DE-SC96-11PO97009 | 1,040,000 | 1,040,000 |
DE-SC96-11PO97010 | 1,040,000 | 1,040,000 | |
Shell Trading (US) Company | DE-SC96-11PO97011 | 1,000,000 | 1,000,000 |
DE-SC96-11PO97012 | 1,000,000 | 1,000,000 | |
DE-SC96-11PO97013 | 1,000,000 | 1,000,000 | |
DE-SC96-11PO97014 | 650,000 | 650,000 | |
Sunoco Inc. (R&M) | DE-SC96-11PO97015 | 700,000 | 700,000 |
DE-SC96-11PO97016 | 700,000 | 700,000 | |
Tesoro Refining & Marketing Company | DE-SC96-11PO97017 | 1,200,000 | 1,200,000 |
Trafigura AG | DE-SC96-11PO97018 | 550,000 | 550,000 |
DE-SC96-11PO97019 | 550,000 | 550,000 | |
Valero Energy Corp. | DE-SC96-11PO97020 | 2,150,000 | 2,150,000 |
DE-SC96-11PO97021 | 1,950,000 | 1,950,000 | |
DE-SC96-11PO97022 | 2,000,000 | 2,000,000 | |
DE-SC96-11PO97023 | 400,000 | 400,000 | |
DE-SC96-11PO97024 | 400,000 | 400,000 | |
Vitol Inc. | DE-SC96-11PO97025 | 3,000,000 | 3,000,000 |
DE-SC96-11PO97026 | 1,000,000 | 1,000,000 | |
BP Oil Supply | DE-SC96-11PO97027 | 500,000 | 500,000 |
TOTAL | 30,640,000 | 30,640,000 | |
** Data current as of September 2, 2011.