The US will sell another 26 million barrels of oil from the strategic reserve

The United States plans to sell 26 million barrels of oil from the strategic reserve for delivery between April and June this year, reports Bloomberg with reference to sources. According to them, the volume of the US oil reserve will decrease from 371.5 million to 345 million barrels. The total oil storage capacity is 714 million barrels.

Against the backdrop of these news, oil prices are falling within 1%. The price of April futures for Brent crude fell by 0.69% to $86.01 per barrel. March WTI futures fell 1.09% to $79.27.

In March 2022, US President Joe Biden announced the largest release of 180 million barrels of oil from the reserve in an attempt to drive down fuel prices. As a result, strategic oil reserves were at their lowest level since March 1984. In October, the US put up another 15 million barrels of oil from its strategic reserve for sale.

On Feb. 10, Deputy Prime Minister Alexander Novak said Russia would voluntarily cut oil production by 500,000 bpd in March due to sanctions and a price ceiling.

About the situation on the market – in the material “Kommersant FM” “Oil maneuvers”.

Laura Keffer

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