The United States will take bids this fall to buy back 60 million barrels of crude oil for the U.S. Strategic Petroleum Reserve, the first step in replenishing the stockpile after a record-sized release this spring, the Department of Energy said.

“As we are thoughtful and methodical in the decision to drawdown from our emergency reserve, we must be similarly strategic in replenishing the supply so that it stands ready to deliver on its mission to provide relief when needed most,” said U.S. Secretary of Energy Jennifer Granholm in a press release detailing the plan.

A U.S. source told Reuters that delivery of the first batch of the oil would likely start after the 2023 fiscal year, depending on market conditions.

The plan to refill the emergency stockpile follows a decision by the administration of President Joe Biden announced March 31 to release a record 180 million barrels to tame energy prices soaring since the Russian invasion of Ukraine.

CNN was first to report the plan to open bids this fall.
Source: Reuters (Reporting by Timothy Gardner and Valerie Volcovici; Writing by Richard Valdmanis; Editing by David Gregorio)