U.S. to sell 26 million barrels of crude oil from reserve

The United States is selling 26 million barrels of crude oil from the Strategic Petroleum Reserve, a release that had been mandated by Congress in previous years.

The U.S. Department of Energy (DOE) had considered cancelling the fiscal year 2023 sale of the 26 million barrels after the Biden administration last year sold a record 180 million barrels from the reserve. But such a cancellation would have required Congress to act.

Monday’s announced sale will likely temporarily push the reserve below its current level of about 372 million barrels, its lowest level since 1983.

The DOE said bids on the oil are due on February 28 and that the oil would be delivered from April 1 to June 30.

The administration sold the 180 million barrels of oil to combat fuel prices that had risen on Russia-Ukraine conflict and as global consumers emerged from the COVID-19 pandemic.

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