Biden Seeks Bids to Buy 3M Barrels of Oil for Strategic Reserve
• Biden administration seeking bids for 3M more barrels of crude oil for Strategic Petroleum Reserve • Part of strategy to buy oil at $79/barrel or less to replenish reserve after record sales in 2022 • Reserve currently holds ~360M barrels, drained to lowest level in 40 years after sales last year • Purchase scheduled for delivery in August to Big Hill facility in Texas • Goldman Sachs raises 2024 Brent peak forecast to $87/barrel, sees OPEC+ extending production cuts