Department of Energy Seeks Industry Input on FY21 Sales of Crude Oil from the Strategic Petroleum Reserve
WASHINGTON, D.C. – Today, the U.S. Department of Energy (DOE) announced that, consistent with statutory direction, DOE currently plans to sell crude oil from the Strategic Petroleum Reserve (SPR) over a multi-month period during Fiscal Year (FY) 2021. The Department expects to begin deliveries in May 2021, but if market conditions warrant, deliveries could begin as early as April 2021.
DOE remains confident in the long-term health of crude oil markets. During the current period of economic recovery, the Department recognizes that a conservative approach to oil sales is prudent. The precise timing and amount of the sale(s) is to be determined. DOE welcomes industry input on FY 2021 sales and currently plans to assess the appropriate timing and amount of 2021 sales in early March.