Reported 3 months ago
The Biden administration has purchased 4.65 million barrels of crude oil to replenish the Strategic Petroleum Reserve, which had reached a 40-year low after significant drawdowns in response to the Russia-Ukraine conflict. This brings the total replenished oil to 43.25 million barrels, with contracts awarded to Exxon Mobil and Macquarie. The Energy Department plans to continue purchasing oil as prices decline, aiming for sustained recovery of the reserve.
Source: YAHOO