SunSirs: The United States Seeks to Purchase Three Million Barrels of Crude Oil to Replenish Strategic Oil Reserves
March 07 2024 10:23:27 SunSirs (Selena)
According to foreign sources on March 6th, the US Department of Energy announced on Wednesday that it is seeking to purchase approximately 3 million barrels of oil delivered in September as strategic reserves. After achieving record sales in 2022, the department is slowly replenishing its emergency reserves.
In 2022, Biden ordered the sale of about 180 million barrels of oil from reserves to stabilize oil prices after the outbreak of the Russia-Ukraine conflict.
The Department of Energy stated that so far, the United States has repurchased nearly 26.3 million barrels of oil at an average price of $76.47 per barrel, below the average selling price of $95 per barrel.
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