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US Department of Energy: The US Plans to Sell 20 Million Barrels of Strategic Oil Reserves

Adel 15 January, 2021 4:44 pm Commodities, Market Update

The US Energy Department said Thursday it plans to sell up to about 20 million barrels of crude oil from the Strategic Petroleum Reserve, as dictated by two laws passed in 2015 and 2018.

Both laws require the ministry to sell a little more than ten million barrels during the 2021 fiscal year.

The ministry added that the law allows it to sell up to 450 million dollars of oil to finance the modernization of the reserves, the stock in the caves in Texas and Louisiana, which may necessitate the sale of ten million barrels.
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