Analyst: It may take several years for the United States to replenish strategic oil reserves

On January 21st, Jinshi Data reported that DNB market analysts Helge Andre Martinsen and Tobias Ingebrigtsen said that the US government's replenishment of strategic petroleum reserves (SPR) may take several years. President Trump stated in his inaugural speech that he plans to 'fill up' the country's crude oil reserves. They indicated that the current inventory of strategic petroleum reserves is 394 million barrels of crude oil, and the capacity is slightly higher than 700 million barrels, meaning Trump plans to purchase about 300 million barrels of crude oil on the market. 'We have not yet seen the timeline for these purchases, and Trump will need Congress to allocate the necessary funds. When conducting comprehensive inventory reserves from 2003 to 2005, the construction speed was 118,000 barrels per day. At this rate, it will take seven years to refill the strategic petroleum reserve in the future.'