US Withdraws Offer to Replenish Strategic Oil Reserve: Biden Administration Delays Restocking

The Biden administration has withdrawn its offer to purchase 6 million barrels of oil for the Strategic Petroleum Reserve (SPR) due to rising oil prices following Saudi Arabia's output cut. The Energy Department spokesperson stated that the decision was made based on "market conditions," without specifying further. The administration had previously released a record 180 million barrels from the reserve last year to control prices. The Energy Department remains committed to its replenishment strategy for the SPR, which includes direct purchases, returns of loaned oil, and cancellation of unnecessary sales.