U.S. to add 6 million barrels more to strategic petroleum reserves by December 

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OilNOW
OilNOW
OilNOW is an online-based Information and Resource Centre

The U.S. Department of Energy has taken steps to acquire six million barrels of crude oil, scheduled for delivery between December and January, as part of its energy security strategy. Market reports suggest that the purchase contracts will be signed at a price of US$79 per barrel or less.

This decision comes in the wake of the country drawing approximately 200 million barrels from its Strategic Petroleum Reserves (SPR) since 2022, following the Russia-Ukraine conflict, which contributed to rising fuel prices. The SPR, considered a crucial element of the nation’s energy security, acts as a safeguard during emergencies or geopolitical uncertainties.

The move to diversify its energy portfolio has led the U.S. to explore the burgeoning oil industry in Guyana. This South American nation presents a unique opportunity for collaboration due to its favorable investment conditions. Moreover, Guyana’s oil reserves, known for their low sulfur content, align perfectly with the U.S.’s’ growing preference for cleaner fuels.

“Everybody is looking now for ‘sweet crude’ and we are in the market for that” – Guyana’s VP | OilNOW 

Geographical proximity further enhances the appeal of Guyana’s oil for the U.S. Situated in close proximity to the U.S. Gulf Coast, Guyana offers logistical advantages, including reduced transportation costs and shorter shipping distances. This strategic location ensures the swift and efficient delivery of Guyanese oil to U.S. refineries, bolstering the nation’s energy security.

Currently, Guyana boasts oil reserves of approximately 11 billion barrels, and experts predict that its daily oil production could soar to a remarkable 1.3 million barrels by 2027

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