The Business Times
business-time-50

US will buy 3 million more barrels of oil for emergency reserve

Published Sat, Jun 10, 2023 · 06:07 AM
    • The energy department said contracts for the new solicitation of sour crude oil would be awarded by Jun 30.
    • The energy department said contracts for the new solicitation of sour crude oil would be awarded by Jun 30. PHOTO: REUTERS

    THE Energy Department announced Friday (Jun 9) it planned to purchase 3 million more barrels of crude oil for the Strategic Petroleum Reserve. 

    A previous solicitation for 3 million barrels resulted in contracts awarded to five companies, with the oil being purchased for an average price of about US$73 per barrel, according to a DOE statement. 

    The department said contracts for the new solicitation of sour crude oil would be awarded by Jun 30.

    The move marks the agency’s attempts to begin replenishing the emergency reserve after it released more than 200 million barrels last year, in part to curb high energy prices. BLOOMBERG

    Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.

    Oil

    Share with us your feedback on BT's products and services

    Feedback

    TRENDING NOW

    OCBC says its staff are “working urgently” to resolve the issue.

    OCBC customers face difficulties accessing online, mobile banking services

    SGX’s Loh Boon Chye says there is “ample time... to plan thoughtfully and work through the arrangements” for a transition in the CEO role.

    SGX CEO Loh Boon Chye to step down; succession planning under way

    A Waymo Ojai autonomous vehicle, a China-made EV manufactured by Zeekr, on the road in Los Angeles, California.

    Waymo founder predicts ‘landslide’ robotaxi adoption in Singapore, driven by high car costs

    Some of the fastest growth is being recorded across a cluster of northern industrial provinces closely tied to electronics manufacturing and global supply chains.

    Vietnam’s northern provinces, not Hanoi or Ho Chi Minh City, are powering near 10% GDP growth

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More