-- The US Department of Energy on Thursday issued a Request for Proposal for an emergency exchange of up to 30 million barrels of sweet crude from the Strategic Petroleum Reserve.
The move continues on the DOE's execution of the 172-million-barrel release authorized as part of a broader coordinated release of 400 million barrels by International Energy Agency member countries aimed at stabilizing global oil markets.
The Department said it will continue issuing RFPs as part of this coordinated release effort.
Interested parties must submit bids by 11.00 CT on Apr. 13.
The crude stock will be sourced from the SPR's West Hackberry site, building on two previous emergency exchange RFPs that awarded a total of 55 million barrels from multiple SPR facilities, including Bayou Choctaw, Bryan Mound, and West Hackberry.
"Today's action strengthens efforts to move oil quickly to market and address short-term supply pressures," said Kyle Haustveit, Assistant Secretary of the DOE's Hydrocarbons and Geothermal Energy Office.
"With two earlier exchanges, we are building on proven momentum," he said, adding that premium barrels will be returned later "to bolster long-term readiness at no cost to taxpayers."
Under DOE's exchange authority, participating companies will return the borrowed 30 million barrels, along with additional premium barrels, by next year.