US Oil Purchase: A Strategic Step by the US Energy Department to Bolster Crude Oil Reserves

Saturday, 24 August 2024, 03:18

US Oil Purchase reveals a strategic initiative by the US Energy Department to replenish its Crude Oil reserves. Nearly 2.5 million barrels of oil have been acquired to enhance the Strategic Petroleum Reserve, aiming to stabilize the oil economy amid fluctuating oil demand.
Indiatimes
US Oil Purchase: A Strategic Step by the US Energy Department to Bolster Crude Oil Reserves

US Oil Purchase: A Move to Strengthen the Strategic Petroleum Reserve

The US Energy Department has confirmed a significant oil purchase, acquiring nearly 2.5 million barrels to replenish the Strategic Petroleum Reserve (SPR). This action follows the largest sale from the SPR in 2022, which aimed to control gasoline prices amid rising oil demand.

Details of the Purchase

  • Quantity: Nearly 2.5 million barrels
  • Seller: Macquarie Commodities Trading US LLC
  • Delivery: 800,000 barrels per month from January to March next year
  • Cost: Over $180.3 million

This purchase is part of a broader strategy, with plans to acquire up to 6 million barrels, although the remaining 3.5 million barrels still needs clarification for delivery schedule.

The Biden administration's actions aim to cautiously replenish the reserve after selling 180 million barrels in 2022, reflecting a proactive approach to managing the oil economy amid global market pressures.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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