US Awards SPR Contracts Worth $229.5 Million to Exxonmobil, BP, Others

The Biden administration has awarded Strategic Petroleum Reserve (SPR) contracts for 2.95 million barrels of oil worth about $229.5 million to four companies, the U.S. Energy Department said on Thursday.

The U.S.-produced crude oil is being purchased for an average price of $77.81 per barrel, lower than the average of about $95 per barrel that SPR crude was sold for in 2022, the Energy Department said in a statement.

The four companies that won contracts are Atlantic Trading & Marketing, BP Products North America (BP.L), opens new tab, ExxonMobil Oil Corp (XOM.N), opens new tab and Macquarie Commodities Trading US LLC.