The Department of Energy on Friday issued another request for proposals to supply up to 3 million bbl U.S.-sourced sour crude for delivery in May to the Strategic Petroleum Reserve.

The request is the seventh solicitation since the DOE began replenishing the reserve in the fall. There is still a bid outstanding for a similar purchase for April and the results of that request could be announced this month.

As with previous solicitations, the department is looking for supply at less than a maximum price of $79/bbl. Even with Friday's rally in crude oil futures, sources suspect that there will be plenty of offers for barrels at under that threshold.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

--Reporting by Tom Kloza, tkloza@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com

(END) Dow Jones Newswires

January 12, 2024 11:27 ET (16:27 GMT)