TechFlow News, March 15: The U.S. Department of Energy (DOE) released a solicitation for the drawdown of crude oil from the Strategic Petroleum Reserve (SPR). The first tranche of 86 million barrels is expected to begin entering the market before next weekend. According to the solicitation, participating companies must repay the borrowed crude oil to the DOE and provide an additional quantity as a premium. The document states that this approach both replenishes the U.S. SPR and stabilizes markets. The U.S. government also announced plans to replenish approximately 200 million barrels into the SPR over the next year to safeguard U.S. energy security. Data from the U.S. Energy Information Administration (EIA) show that, as of March 6, the U.S. SPR stood at 415.4 million barrels. (CLS)
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