The Trump administration started the process of a mammoth drawdown of the U.S. emergency oil reserve, issuing a request to exchange 86 MMbbl of crude oil.
A statement posted on the U.S. Office of Cybersecurity, Energy Security, and Emergency Response’s (CESER) website late Monday noted that the U.S. Department of Energy’s (DOE) Office of Petroleum Reserve announced a supplemental solicitation for up to three million barrels of oil for delivery in January 2024.