Posted by on November 25, 2021 1:01 pm
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Categories: Breaking News Epoch Times News

US to Sell 32 Million bbls From 4 Sites as Part of Strategic Sale

The United States will sell 32 million barrels of crude from four Strategic Petroleum Reserve (SPR) sites to be delivered between late-December and April 2022, the Department of Energy (DOE) said as it auctions oil to try to lower global prices. International oil prices have held above $80 a barrel even after U.S. President Joe Biden’s administration announced on Tuesday it will release millions of barrels of oil from strategic reserves in coordination with Britain, China, India, South Korea, and Japan. However, traders said they expected the sale of SPR oil, which is mainly blended sour, or high-sulphur, crude, will depress the value of U.S. sour crude grades, such as Mars and Southern Green Canyon, and benefit buyers in Asia, which processes mainly high-sulphur oil. In the first auction of the coordinated release, about 10 million barrels will be made available from Big Hill and Bryan Mound in Texas, about …

Originally appeared on The Epoch Times

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