US not currently discussing sale of oil from SPR, source says
WASHINGTON, March 2 (Reuters) - Selling oil from the U.S. Strategic Petroleum Reserve after the U.S. and Israeli attacks on Iran is 'not currently being discussed', a U.S. source said on Monday.
"Oil markets remain well supplied", the source said.
The SPR, held on the coasts of Louisiana and Texas, is the world's largest emergency oil stockpile, currently hold more than 415 million barrels of crude.
Former President Joe Biden ordered the biggest sale ever from the reserve, 180 million barrels over six months, after Russia, a top oil producer, invaded Ukraine in 2022.
The Biden administration only bought back a small amount of oil for the reserve after the sale and President Donald Trump has also been limited in buying back crude as Congress must approve funding.
Related Articles
JPMorgan Warns Hormuz Blockade Risks Oil Shutdown in 25 Days, But How Will the US-Iran Conflict Shape Global Oil Prices?
TradingKey - Following the announcement on the night of February 28 banning all vessels from passing through the Strait of Hormuz, JPMorgan Chase issued a warning: if the Strait of Hormuz is completely blocked, the combined onshore and offshore storage capacity of Middle Eastern oil-producing nation
US-Iran Conflict Ignites, Global Arms Race Heats Up, Will Defense Stocks See a New Round of Gains?
TradingKey - On February 28 local time, the United States and Israel launched joint large-scale airstrikes against Iran, targeting its nuclear facilities, missile industry, and naval forces. This marks another sharp escalation in the conflict following the US military strikes on Iranian nuclear facilities in June last year. The military operation not only exacerbates already strained geopolitical tensions but has also sent shockwaves through global capital markets, which is expected to further boost defense stocks.
The Hyperliquid Phenomenon: HYPE Ecosystem’s Path to $250
Explore the Hyperliquid (HYPE) 2026 outlook as it evolves from a high-speed DEX into a powerful Layer 1 ecosystem. This analysis breaks down the $2.95 trillion trading volume, the impact of the HIP-4 prediction market launch, and the HYPE token's technical resilience at the $31.77 level amidst globa
U.S.-Iran Conflict Escalates. Strait of Hormuz Shutdown, How Much Room for Oil Prices to Rise?
TradingKey - A sharp escalation in geopolitical risks has directly triggered intense volatility in global crude oil markets. At the market open this Monday, WTI crude oil futures surged by over 11%, and Brent crude opened up 13%, though these gains subsequently narrowed.
Shiba Inu 2026: L3 Evolution & the Next Bull Run
Discover the Shiba Inu (SHIB) 2026 outlook as it evolves from a meme coin into a sophisticated L3 utility network. This analysis covers the critical $0.00000589 support level, the impact of U.S. government SHIB holdings, and the Shibarium update featuring FHE privacy. Explore the "next Shiba Inu" bu
