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Strategic oil reserves: the buy-back campaign will initially focus on 3 million barrels of crude

19/12/2022
Source : ORISHAS FINANCE
Categories: Raw materials

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The US Department of Energy is considering buying oil to refill the tanks of strategic black gold reserves from which the French president's administration has drawn considerably over the past year. to bring gas prices down. S According to a press release from the Department of Energy, published on Friday, December 15, 2022, the purchase campaign will initially focus on 3 million barrels of crude.

The government has started tenders and invites operators to sell oil to the American state “at a price lower than 96 dollars a barrel, the average price at which.” The operators had bought it, which is a “good deal for taxpayers.” Indeed, the general rise in prices followed the end of the Covid-19 pandemic and then the war in Ukraine and oil prices rose to 120 dollars during the year. Thus, the Biden administration decided to draw exceptionally on the country's strategic reserves (SPR) in order to pressure prices down.

L e Ministry of Energy, “this first stage of the replenishment strategy (...) follows the historic liberation of these reserves to deal with the significant disruption in global supply caused by Putin's war on Ukraine.”

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