US continues largest-ever sale of oil reserves

The United States Department of Energy has put up 45 million barrels of oil for sale from the country’s strategic reserves as part of President Biden’s largest-ever planned release of its inventory, the government entity announced on Tuesday.

The fourth notice of sale is part of the government’s initiative announced on March 31, 2022 to sell 1 million barrels of crude oil per day for six months.

Deliveries from the sale will take place between August 16 and September 30, 2022.

The energy department also announced that of the 17 companies that placed bids on the previous notice of sale on May 24, 2022, contracts were given to nine companies, including Chevron, Equinor, ExxonMobil and Shell.

Oil from the previous sale will be released between June 5 and May 24, 2022.

The US’ Strategic Petroleum Reserves hold the world’s largest emergency oil stocks.

Source:US continues largest-ever sale of oil reserves – The Energy Year