The US Department of Energy will sell 20 million barrels of oil from the country’s strategic reserve. This is stated in the statement released on Monday by the American department.
“The Department of Energy intends to sell 20 million barrels of oil from the strategic oil reserve,” the statement said. “The proceeds will be transferred to the US Treasury by the end of the fiscal year.” The auction will take place from August 31 to September 13.
The US Strategic Oil Reserve is the world’s largest oil reserve. Its volume at the moment is about 624 million barrels, the total storage volume is designed for about 714 million barrels. Earlier, US President Joe Biden reached an agreement with representatives of Congress that the proceeds from the sale of oil from the reserve will be used to finance a plan to modernize the US infrastructure.
The volume of oil production in the United States is about 11 million barrels per day, consumption is about 20 million barrels per day.