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USA will sell up to ten million barrels of oil from its strategic reserve

Inspenet.

September 23, 2022

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By: Franyi Sarmiento, Ph.D., Inspenet, September 23, 2022

The US Department of Energy indicated this week that it will sell up to 10 million barrels of oil from the Strategic Petroleum Reserve (SPR), for delivery in November.

This allows the deadline for a plan to sell 180 million barrels of the reserve to control fuel prices to be extended.

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According to Reuters, President Joe Biden’s plan announced in March for the biggest release of SPR oil in history was aimed at selling 180 million barrels by the end of October.

Only 155 million barrels have been sold so far and the next sale will bring the total to 165 million barrels, the department reported.

In addition, the sale will be of low-sulfur oil, known as sweet crude, from SPR’s sites in Big Hill, Texas, and West Hackberry, Louisiana. Contracts will be awarded no later than October 7.

This material from the valoranalitik.com portal for clarity, style and length.

Source : https://www.valoraanalitik.com/2022/09/19/ee-uu-vendera-hasta-10-millones-barriles-petroleo-spr/

Photo: ShutterStock