U.S. to sell 26 mln bbls of oil reserves as mandated by Congress

U.S. to sell 26 mln bbls of oil reserves as mandated by Congress
# 14 February 2023 09:51 (UTC +04:00)

The Biden administration said on Monday it is selling 26 million barrels of crude oil from the Strategic Petroleum Reserve, a release mandated by Congress in previous years, APA reports citing Reuters.

The U.S. Department of Energy had considered canceling the fiscal year 2023 sale of the 26 million barrels after the Biden administration last year sold a record 180 million barrels from the reserve. But such a cancellation would have required Congress to act.

Monday's announced sale will likely temporarily push the reserve below its current level of about 372 million barrels, its lowest level since 1983.

The DOE said bids on the oil are due on Feb. 28 and that the oil would be delivered from April 1 to June 30.

The administration sold the 180 million barrels of oil to combat fuel prices that had risen on Russia's war on Ukraine and as global consumers emerged from the COVID-19 pandemic.

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