ICYMi - there was news out of the US on Thursday afternoon that 2.7 million barrels of oil had been purchased towards replenishing its Strategic Petroleum Reserve.
Given the vast number of barrels of oil pumped out of the Reserve this purchase is a drop in the bucket:
- November 2021 release of 50 million barrels announced
- March 2022 30mn barrels and then 180mn barrels (one a day for 180 days)
The SPR can hold around 400+mn barrels.
