Reported 21 days ago
The Biden administration plans to purchase up to 6 million barrels of oil for the Strategic Petroleum Reserve, aiming to replenish stocks after a significant sale in 2022. This acquisition, announced to come as early as Wednesday, will allow the U.S. to take advantage of current low crude prices, which are below the targeted $79.99 per barrel for buybacks. The oil is set for delivery in early 2025 to a Louisiana site, with the reserve currently holding 380 million barrels of oil.
Source: YAHOO