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Oil Markets
The price of delaying the US' Strategic Petroleum Reserve refill
Apr 11, 2024
Exploring the implications of the Biden administration's decision to delay refilling the US Strategic Petroleum Reserve amidst high oil prices. Discussing the importance of reserves during hurricane season and the limited tools available to control prices before the November election.
16:41
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Quick takeaways
- The decision to delay refilling the US Strategic Petroleum Reserve was influenced by rising oil prices, highlighting the administration's price sensitivity strategy.
- The release of crude from the SPR following Russia's invasion of Ukraine contributed to stabilizing oil prices, but was not the sole factor in reducing prices.
Deep dives
Reasons for the Stall in Refilling the Strategic Petroleum Reserve
The recent stall in refilling the Strategic Petroleum Reserve (SPR) by the BITE administration is primarily due to the increase in oil prices, with WTI at around $85 a barrel and Brent at $90. Following the historic release of 180 million barrels of crude after Russia's invasion of Ukraine in 2022, the Biden administration aimed to keep oil prices stable by selling at $95 a barrel and buying back at lower prices. However, with prices rising, scheduled purchases for refilling the SPR were canceled, highlighting the price sensitivity of the administration's strategy.
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