US announces purchases for strategic petroleum reserve

The US Department of Energy is buying 6 million barrels of oil as part of the process of replenishing the country's strategic oil reserve.

The ministry announced in a statement the conclusion of contracts for the purchase of 3 million barrels of US-produced oil for the oil reserve, TASS reports.

It also notified an additional request to buy about 3.1 million more barrels of oil in September to replenish reserves.

The US authorities announced their intention to purchase 3 million barrels of oil on May 15. A total of 10 companies responded to the notice, submitting 30 bids, and contracts were awarded to five of them. The oil is purchased at an average price of about $73 per barrel, which is lower than the average price of about $95 per barrel at which it was sold from reserves in 2022, the ministry said.