Since Biden has been president over 200mm bbl. have been withdrawn from the SPR, roughly 300m bbl. p/d or 2.1mm per week. The SPR is finite, EOR or infill drilling can not be used to extend its life. There is 390mm bbl. left. Most all of this has been promised to be sold to fund various programs over the next 7-8 years. It would not be a surprise to see continued sales although Republican House will put up a battle. I do not expect any of the previous SPR sold volumes to be replaced. Promised sales to fund future programs will no doubt be met with $ amounts of the value the bbls. to be sold. Knowing Congress they have put caveats into these program sales to do such. The money from current sales is going into the general fund. When these monies are needed if SPR purchases occur it will be borrowed. Another dog and pony show.

OPEC+ is in place to create a balanced market. They see an oversupply as the result of SPR sales and the China shutdown. Their budgets depend upon the price of oil. The days of oversupply are over. They have clearly been shown that producing more to benefit the worlds economy is not appreciated. The Gulf States are considered as pariah's. They will balance their budgets with higher oil prices.