Washington is in the process of selling 20 million barrels of its strategic oil reserves

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Washington is in the process of selling 20 million barrels of its strategic oil reserves

Reuters

Oil Drums – Expressive Image

The US Department of Energy announced that it plans to sell about 20 million barrels of its crude oil reserves under laws in 2015 and 2018.

“The two laws oblige the ministry to sell a little more than 10 million barrels during the 2021 fiscal year,” a ministry statement said.

He added, “The law allows the sale of up to 450 million dollars of oil to finance the modernization of reserves, the stock in ground tanks in Texas and Louisiana, which may necessitate the sale of another 10 million barrels.”

The United States rarely resorted to its reserve of oil, except in major crises, as it resorted to it in 2005 during Hurricane Katrina, and in 2011 when unrest erupted in Libya.

Source: “Reuters”





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