The Business Times

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

    • 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
    Published Sat, Jun 10, 2023 · 06:07 AM

    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
    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