popular articles

U.S. Seeks to Modernize RPD

In the United States, the White House is requesting a $500 million appropriation to upgrade the Strategic Petroleum Reserve (SPR).

Please share:

In the United States, the White House is requesting a $500 million appropriation to upgrade the Strategic Petroleum Reserve (SPR).

A strategic asset

In the U.S., if Congress approves the credit request, the deficits created by the successive levies would be reduced. Indeed, the crude oil reserve plays a key role in Joe Biden’s efforts to supply his partners. In addition, November holds the record for the largest drawdown ever on the SPR.

In order to lower oil prices, the US President has released 180 million barrels since April. In addition, it does not rule out further oil withdrawals. However, there is criticism in the United States.

Frank Macchiarola, senior vice president of policy, economics and regulatory affairs at the American Petroleum Institute, says:

“The SPR was created to mitigate the impact of severe supply disruptions, and depleting this strategic asset to historically low levels risks leaving the country unprepared to respond to a true supply emergency.”

Joe Biden wants to release more crude oil while reserves are at their lowest level since the 1980s. However, the U.S. administration is exploring options to stabilize global oil markets.

Funding requests

This first request to Congress targets a modernization of the four SPR sites. As the White House notes, it would “maintain operational readiness levels and mitigate projected deficits.” The war in Ukraine but also the pandemic of COVID-19 caused real losses.

The U.S. Congress has until December 16 to reach an agreement on funding for the fiscal year. The White House, in the letter of November 15, requested an emergency supplement for assistance to Ukraine. In addition, the letter states that another request is for funding for natural disaster measures.

In addition, Washinghton is seeking €1.1 billion in reparations for the Ukrainian energy sector. It will also serve to increase Moldovan electricity imports from neighboring countries. Finally, the United States is requesting a final $50 million to address cybersecurity threats in the Balkans.

 

Register free of charge for uninterrupted access.

Publicite

Recently published in

The global oil industry prepares for further disruptions as oil prices fall below USD 60 per barrel, a level unseen since 2021. The decline in investments, particularly in the US shale sector, raises concerns.
US crude inventories increased by 200,000 barrels last week, far below analysts' forecasts. However, oil prices remain under pressure following the announcement of a potential rise in production by OPEC+.
US crude inventories increased by 200,000 barrels last week, far below analysts' forecasts. However, oil prices remain under pressure following the announcement of a potential rise in production by OPEC+.
Thousands of miners blocked the streets of La Paz on April 23, 2025, to protest the shortage of dollars and fuel, which is particularly affecting Bolivia's mining sector.
Thousands of miners blocked the streets of La Paz on April 23, 2025, to protest the shortage of dollars and fuel, which is particularly affecting Bolivia's mining sector.
OPEC Secretary General Haitham Al Ghais emphasizes the need to reconcile energy security with emission reduction goals, in light of the International Energy Agency's (IEA) approach.
OPEC Secretary General Haitham Al Ghais emphasizes the need to reconcile energy security with emission reduction goals, in light of the International Energy Agency's (IEA) approach.
The DBM-1 ST2 appraisal well confirms a significant oil discovery offshore Gabon. The Bourdon project could add up to 25 million recoverable barrels to BW Energy's reserves, further strengthening the Dussafu licence development.
Woodside Energy recorded stable production and revenues of 3,315 million USD in Q1 2025, with a notable increase in production at Sangomar, but a slight decline due to weather impacts at other sites.
Woodside Energy recorded stable production and revenues of 3,315 million USD in Q1 2025, with a notable increase in production at Sangomar, but a slight decline due to weather impacts at other sites.
Canadian company TAG Oil has completed the sale of its interests in five production permits in New Zealand to Kiwi Royalty Limited, for a total consideration of up to USD 2.5 mn.
Canadian company TAG Oil has completed the sale of its interests in five production permits in New Zealand to Kiwi Royalty Limited, for a total consideration of up to USD 2.5 mn.
The Egyptian government is launching a 75-well drilling campaign in the Eastern Desert, aiming for a 9% increase in crude output in fiscal year 2024/2025.
The Egyptian government is launching a 75-well drilling campaign in the Eastern Desert, aiming for a 9% increase in crude output in fiscal year 2024/2025.
Reconnaissance Energy Africa has signed a memorandum of understanding with ANPG to explore 5.2 mn onshore acres in Angola, expanding its operations into the Damara Fold Belt and Rift Basin.
The IMF forecasts robust economic growth for Libya in 2025 driven by oil, but warns that structural reforms are essential to avoid renewed vulnerability to global market shocks.
The IMF forecasts robust economic growth for Libya in 2025 driven by oil, but warns that structural reforms are essential to avoid renewed vulnerability to global market shocks.
The United States has sanctioned Shandong Shengxing Chemical Co., accused of purchasing Iranian oil. This move is part of the "maximum pressure" strategy against Iran, aimed at limiting its oil exports.
The United States has sanctioned Shandong Shengxing Chemical Co., accused of purchasing Iranian oil. This move is part of the "maximum pressure" strategy against Iran, aimed at limiting its oil exports.
Rönesans Holding announces a major $2 billion investment to build a polypropylene (PP) production plant in Ceyhan, Turkey, in partnership with SONATRACH and Stolt-Nielsen. This project is expected to strengthen the country’s industrial self-sufficiency.
Rönesans Holding announces a major $2 billion investment to build a polypropylene (PP) production plant in Ceyhan, Turkey, in partnership with SONATRACH and Stolt-Nielsen. This project is expected to strengthen the country’s industrial self-sufficiency.
Libya begins an international promotional tour to present 22 oil blocks, aiming to revive a strategic sector affected by years of instability.
Tullow Oil sold its stakes in the Lokichar Basin to Gulf Energy while retaining a future entry right, marking a new step in its debt reduction strategy in Kenya.
Tullow Oil sold its stakes in the Lokichar Basin to Gulf Energy while retaining a future entry right, marking a new step in its debt reduction strategy in Kenya.
US crude reserves rose by only 500,000 barrels, falling short of forecasts, while exports reached their highest level in a year.
US crude reserves rose by only 500,000 barrels, falling short of forecasts, while exports reached their highest level in a year.
Amplify Energy has amended the terms of its merger with Juniper Capital, which will inject an additional $10 mn in cash to strengthen the combined entity's financial position amid oil price volatility.
Amplify Energy has amended the terms of its merger with Juniper Capital, which will inject an additional $10 mn in cash to strengthen the combined entity's financial position amid oil price volatility.
The International Energy Agency anticipates weaker oil demand growth in 2025, driven by US tariff tensions disrupting market stability and weighing on the shale oil sector.
British group BP has announced a new oil discovery in the deep waters of the Gulf of Mexico, strengthening its investment strategy in hydrocarbons with the aim of increasing production by 2030.
British group BP has announced a new oil discovery in the deep waters of the Gulf of Mexico, strengthening its investment strategy in hydrocarbons with the aim of increasing production by 2030.
International Petroleum Corporation repurchased 277,060 common shares between 7 and 11 April under its ongoing share buyback programme, using the Toronto and Stockholm exchanges.
International Petroleum Corporation repurchased 277,060 common shares between 7 and 11 April under its ongoing share buyback programme, using the Toronto and Stockholm exchanges.
CNOOC Limited has begun production at the offshore Wenchang 9-7 oilfield, located in the western Pearl River Mouth Basin, targeting 12,000 barrels of oil equivalent per day by 2027.
CNOOC Limited has begun production at the offshore Wenchang 9-7 oilfield, located in the western Pearl River Mouth Basin, targeting 12,000 barrels of oil equivalent per day by 2027.
Petro-Victory Energy secures key assets in Brazil through strategic alliances and acquisitions, consolidating its onshore market position and initiating a new phase of development.
Trio Petroleum Corporation has completed the acquisition of producing oil assets from Novacor Exploration in the prolific Lloydminster region of Canada, consolidating its strategic presence in North America's heavy oil sector.
Trio Petroleum Corporation has completed the acquisition of producing oil assets from Novacor Exploration in the prolific Lloydminster region of Canada, consolidating its strategic presence in North America's heavy oil sector.
Road fuel volumes declined while jet fuel and non-road diesel increased, according to March 2025 data from the Comité Professionnel du Pétrole.
Road fuel volumes declined while jet fuel and non-road diesel increased, according to March 2025 data from the Comité Professionnel du Pétrole.
Chevron returned several crude shipments to Venezuela after failing to sell them due to US-imposed financial sanctions, despite holding a temporary authorisation to operate until the end of May.
Chevron returned several crude shipments to Venezuela after failing to sell them due to US-imposed financial sanctions, despite holding a temporary authorisation to operate until the end of May.

Advertising