U.S. Weighs Creative Deals to Refill Strategic Petroleum Reserve

U.S. Energy Secretary Wright said the Biden administration is looking at “creative” or “innovative” transactions to replenish the Strategic Petroleum Reserve, which was drawn down heavily after Russia’s invasion of Ukraine. Wright indicated the government could accept compensation in crude oil as part of prospective deals, without providing further details on timing or volumes. Wright also commented on the latest OPEC+ decision to increase crude production by 548,000 barrels a day. She said current oil prices, while near the lower end of levels that sustain U.S. shale producers, remain supportive of global economic growth.