China Central Network, December 17. According to a Bloomberg report on the 17th, the Biden administration is urgently replenishing the national strategic oil reserve, and will purchase 3 million barrels of crude oil in the first batch.
According to reports, the 3 million barrels of crude oil will be delivered in February next year.
The move follows the historic release of 180 million barrels into the U.S. strategic petroleum reserve in response to higher gasoline prices due to the Ukraine situation and other supply issues.
The U.S. Department of Energy announced on the 16th that it will start replenishing the strategic oil reserve, saying that "this repurchase is a good opportunity. The price is lower than the previous sale price of $96 per barrel. It is a good deal for the American taxpayers and can Enhancing energy security".
U.S. oil prices have fallen back in recent months, and were around $75 a barrel on the afternoon of the 16th, a drop of nearly 40% from the previous peak.
The Biden administration previously laid out a plan to replenish the Strategic Petroleum Reserve when crude prices hit around $70 a barrel.
In addition, a senior U.S. government official said that the Department of Energy is preparing to exchange about 2 million barrels of crude oil to meet the emergency supply demand caused by the closure of TC Energy's U.S.-Canada Keystone oil pipeline.