📝U.S. Has No More ‘SPR Bullets’ After This Release: RBC Capital

The U.S. won't have more "SPR bullets" after ths planned release of 180 million barrels over 6 months, the IEA members need to hold the equivalent of 90 days of net imports in strategic reserves - RBC Capital Markets

Given imports of ~6.5 m/d, exports of 3m b/d, the net difference multiplied by 90 days means that in order to remain compliant with IEA rules, the U.S. must hold 315m bbl in SPR - Bloomberg citing RBC Capital Markets