Commodities and Futures News
Nine companies to get oil from U.S. strategic reserve in latest sale
2022.08.11 21:50
FILE PHOTO: The Bryan Mound Strategic Petroleum Reserve, an oil storage facility, is seen in this aerial photograph over Freeport, Texas, U.S., April 27, 2020. REUTERS/Adrees Latif
(Reuters) – The United States on Thursday said nine companies will buy 20 million barrels of oil in the latest sale from the Strategic Petroleum Reserve as part of the Biden administration’s efforts to ease petroleum prices elevated by Russia’s invasion of Ukraine and thin global spare capacity to boost output.
The administration said in March it would release a record 1 million barrels of crude per day from May to October, or about 180 million barrels, from the SPR, which holds oil in caverns on the coasts of Louisiana and Texas.
