The US Department of Energy said that the United States has sold more than 10 million barrels of strategic oil reserves to 8 companies, including Marathon and Equinor.
The sales are part of President Joe Biden’s announced plan Previously to sell 180 million barrels of strategic reserves.
And the White House economic adviser, Brian Dees, said last week that Washington is considering withdrawing from the strategic oil reserve, following the OPEC + countries’ decision to reduce production by two million barrels per day at its last meeting.
He pointed out that the lack of oil supplies is still a major challenge, considering that the OPEC + decision to cut production is “disappointing.”
The Biden administration announced in July that it would sell an additional 20 million barrels of oil from the Strategic Petroleum Reserve, as part of a previously announced decision aimed at calming oil prices that rose due to the Russian invasion of Ukraine and the recovery of demand following the Corona virus pandemic.