Biden adviser: Sufficient supply in Strategic Petroleum Reserve to address supply concerns

Amos Hochstein is the Special Presidential Coordinator for Global Infrastructure and Energy Security.

Says

• the US has sufficient supply in Strategic Petroleum Reserve (SPR) to address any supply concerns
• the Biden administration is monitoring markets

I don’t know what brought on this remark.

Oil update:

The SPR is near 40-year lows. The US administration sold heavily from the Reserve when oil prices spiked after Russia’s 2022 invasion of Ukraine.

The administration has targeted US$79/bbl to buy back supply, and has thus held back from purchases as crude trades higher.

This article was written by Eamonn Sheridan at www.forexlive.com.