MOSCOW, 19 Oct – PRIME. The US Department of Energy will list 15 million barrels of oil from its strategic reserve for sale on Wednesday and has been instructed by President Joe Biden to prepare for significant new releases this winter to stabilize fuel prices, the White House said.
U.S. Oil Inventories Rise to Highest Since July 2021 in a Week
The sale of oil for December delivery exhausts the 180 million barrels that Biden ordered in the spring to send to the market from state fuel reserves.
The Department of Energy will issue a notice tomorrow morning of the sale of 15 million barrels from the Strategic Petroleum Reserve for December delivery. The sale completes the historic release of 180 million barrels the President announced in the spring that helped stabilize oil markets and drive down gas station prices. White House.
The President also urges the Department of Energy to stand ready for significant additional sales of oil from the strategic reserve this winter, if necessary due to Russian actions or other events that destabilize global markets, the administration added.
The directives follow the decision of OPEC + to cut oil production by two million barrels per day, despite US persuasion not to do this.
The White House also confirmed the plans of the Department of Energy to start buying oil for the strategic reserve when the indicative grade WTI reaches the price of 67-72 dollars per barrel. According to his estimates, this will happen in 2024 or 2025.
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