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Techlines provide updates of specific interest to the fossil fuel community. Some Techlines may be issued by the Department of Energy Office of Public Affairs as agency news announcements.
 
 
Issued on:  June 30, 2011

Department of Energy Update on Strategic Petroleum Reserve Sale



Washington, DC
- On June 23, 2011, the International Energy Agency (IEA) announced that its 28 member countries would release 60 million barrels of crude oil and refined products into the global market. As part of that action, the President directed the Department of Energy to auction 30.237 million barrels of light, sweet crude oil from the Strategic Petroleum Reserve. Yesterday, bids were received.

Industry interest in the Department of Energy’s sale of Strategic Petroleum Reserve (SPR) oil was very high. Over 90 offers to purchase oil were received yesterday and the Department’s offering of 30.2 million barrels of light, sweet crude oil was substantially oversubscribed. The Department expects all contract awards to be completed by July 11, 2011, at which time details about purchasers and sales prices will be released.

The Department has been in close consultation with key oil exporters to ensure the IEA action and the producer response to the current oil supply disruptions are mutually reinforcing.

For more information, contact:

  • DOE Office of Public Affairs, 202-586-4940

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 Page owner:  Fossil Energy Office of Communications
Page updated on: July 01, 2011 

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