US To Sell Up To 20Mln Barrels Of Crude Oil From Strategic Reserves - Energy Dept.

US to Sell Up to 20Mln Barrels of Crude Oil From Strategic Reserves - Energy Dept.

The United States is going to sell up to 20 million barrels of crude oil from its Strategic Petroleum Reserve (SPR), the Department of Energy announced on Monday

WASHINGTON (Pakistan Point News / Sputnik - 23rd August, 2021) The United States is going to sell up to 20 million barrels of crude oil from its Strategic Petroleum Reserve (SPR), the Department of Energy announced on Monday.

"Today, the Department of Energy's Office of Fossil Energy and Carbon Management (FECM) announced a Notice of Sale of crude oil from the Strategic Petroleum Reserve," an official statement said. "[The Energy Department] intends to sell up to 20 million barrels of crude oil from the SPR."

The sale will be conducted with up to 8 million barrels from the Bryan Mound site, up to 8 million barrels from Big Hill, up to 8 million barrels from West Hackberry and up to 1 million barrels from Bayou Choctaw, the department explained.

The Energy Department "must receive bids no later than 10:00 a.m. Central Time, Tuesday August 31, 2021 and will award contracts to successful offerors no later than September 13, 2021. Deliveries will take place between October 1, 2021 and December 15, 2021," the statement said.

The SPR is the world's largest supply of emergency crude oil, and the federally owned oil stocks are stored in underground salt caverns at four storage sites in Texas and Louisiana, the department noted.