The Biden administration has pulled an offer to buy 6 million barrels of oil for the Strategic Petroleum Reserve, an Energy Department spokesperson said on Tuesday, as oil prices are expected to keep rising after a output cut from Saudi Arabia.
The U.S. made the latest solicitation to buy the sour crude oil for the SPR on July 7. After the administration released a record 180 million barrels from the reserve last year to control prices after Russia’s invasion of Ukraine, the Energy Department has bought back 6.3 million barrels in recent months.
The move was not a rejection of oil companies’ offers to sell oil to the SPR but a decision made on “market conditions,” the spokesperson said.
