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U.S. Oil Producers Begin Storing Crude in Strategic Reserve

  • In April, 1.1 million barrels delivered into SPR storage
  • Nine companies leased 23 million barrels of capacity
A contractor works on a crude oil pipeline at the U.S. Department of Energy's Bryan Mound Strategic Petroleum Reserve in Freeport, Texas.

A contractor works on a crude oil pipeline at the U.S. Department of Energy's Bryan Mound Strategic Petroleum Reserve in Freeport, Texas.

Photographer: Luke Sharrett/Bloomberg

U.S. oil producers running out of space for storage amid an unprecedented slump in demand have started making deliveries to the nation’s emergency stockpile.

This month, 1.1 million barrels have been delivered into Strategic Petroleum Reserve storage. The Energy Department has finalized contracts announced earlier this month for companies to rent about 23 million barrels of capacity in the SPR, according to an official.