US to release more crude from reserves

Wednesday, 21 September 2022newsdesk

The US Department of Energy has announced plans to sell up to 10 million barrels of oil from its Strategic Petroleum Reserve (SPR) for delivery in November, according to a press statement released on Monday.

New Delhi, 21 September 2022

As per news report of Rt.com, the sale will be of oil with low sulphur content from the SPR's sites in Big Hill, Texas and West Hackberry, Louisiana. Contracts will be awarded no later than October 7. The SPR holds oil in heavily guarded former salt caverns along the Gulf of Mexico coast. The offer extends the timing of the government's plan to sell 180 million barrels from the stockpile to tame fuel costs, and comes at a time when global crude prices are returning to levels seen before the start of Moscow’s military operation in Ukraine in late February.

Source - Rt.com