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Home » US Energy Department Intends To Purchase 3 Million Barrels Of Oil For June

US Energy Department Intends To Purchase 3 Million Barrels Of Oil For June

by Elis Carter
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The United States Department of Energy has issued an application for the purchase of approximately 3 million barrels of oil for delivery in June to replenish the strategic reserve, Azernews reports, citing a written statement from the department.

The document emphasizes that “an application for the purchase of approximately 3 million barrels of oil for delivery in June 2024.”

On January 29, the Ministry of Energy issued a purchase of 3.1 million barrels of oil for $ 242.2 million with delivery in May to replenish the strategic reserve. Recently, the agency has been publishing applications for the purchase of 3 million barrels of oil in the first half of this year.

US President Joe Biden signed a decree at the end of March 2022 obliging the Ministry of Energy to sell 1 million barrels of oil per day from the strategic reserve for 180 days to reduce gasoline prices in the country. The Ministry uses the proceeds from the sale of these raw materials to buy energy and replenish the oil reserve.

Source: MENAFN

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