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Msg  371 of 393  at  10/13/2023 8:47:28 AM  by

billmax


US SPR back in focus

 Can supply 1mm bpd It’s tough to call a direction on how Saudi responds to recent events, if at all. With that said, it has capacity to quickly add back supply in the event oil prices had to spike, for example, in response to sanctions reimposed on Iranian oil exports.
 
At the same time, we anticipate some focus will turn back to the US SPR, which still has ample capacity to release production given 351 mm bbls still in storage. Despite criticism over prior price related releases under the current administration, its actual purpose is to be available in response to geopolitical risk to supply.
 
The SPR has shown itself capable of adding 1mm bpd rate for 90 days, although this may be premature given any perceived benefit to limit domestic price inflation would be 13 months before the 2024 US presidential election. In any other circumstance we doubt Saudi would look favorably on such a move.


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