Post: US Purchases 2.5 Million Oil Barrels to Add to Strategic Reserve

The United States has purchased nearly 2.5 million barrels of oil to help replenish the Strategic Petroleum Reserve after the largest-ever withdrawal from the emergency reserve in 2022. The U.S. Department of Energy said that approximately 800,000 barrels of relatively high-sulfur crude oil would be delivered monthly to the Bryan Mound reserve site in Texas from January to March of next year. The contract to purchase oil valued at over $180.3 million was awarded to Macquarie Commodities Trading. On Aug. 12, the Department of Energy announced its intention to purchase up to 6 million barrels at a rate of 2 million barrels per month from January to March. The Biden administration is gradually adding to its reserve after selling 180 million barrels from the facility in 2022 to control gasoline prices following the onset of the Russia-Ukraine war. The Department of Energy noted that the administration has so far repurchased more than 47 million barrels at an average price of $76.89 per barrel, which is about $ 18 less than the average price of $95 per barrel at which the oil was sold in 2022. Source: Qatar News Agency