United States begins oil purchases for strategic oil reserve

The US administration announced that it will buy 3 million barrels of oil in February for the strategic oil reserve.

The US administration, which has been selling crude oil from its strategic oil reserve this year to help lower gasoline prices, announced it will start buying crude oil.

In the US Department of Energy statement, it was reported that 3 million barrels of crude will be purchased for delivery in February.

ALLOWS THE MARKETING OF 180 MILLION BARRELS

US President Joe Biden allowed the release of more than 180 million barrels of oil from the country’s strategic oil reserves in March, amid rapidly rising US gasoline prices after of the war started by Russia in Ukraine.

With oil sales from the country’s reserves, the rate of crude oil in the US strategic reserve fell to its lowest level since 1984, raising concerns about energy security. (AA)