5/24/2022, 5:47 PM (Source: TeleTrader)
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US to release 40M oil barrels from SPR

The United States Department of Energy announced on Tuesday that it will be selling up to 40.1 million additional barrels of crude oil from its Strategic Petroleum Reserve (SPR) in order to "address the significant global supply disruption caused by Putin’s war on Ukraine."

"In accordance with the [US] President [Joe Biden]’s announcement [from March], 90 million barrels will be released between May and August through two notices of sale totaling 70 million barrels and 20 million barrels from ongoing emergency sales," the statement read.

39 million barrels of sour crude oil and 1.1 million barrels of sweet crude oil will be released from the SPR. The Department of Energy "plans to deliver SPR sweet crude oil from June 21 until June 30 and SPR sour crude oil from July 1 until August 15."

Baha Breaking News (BBN) / AY