U.S. To Sell 26 Million More Barrels Of Oil Reserves

  • The Biden administration said Monday it is selling 26 million barrels of crude oil from the Strategic Petroleum Reserve, a release that had been mandated by Congress in previous years.
  • The sale will likely temporarily push the reserve below its current level of about 372 million barrels, the lowest level since 1983.
  • U.S. Energy Department said bids on the oil are due on Feb. 28 and that the oil would be delivered from April 1 to June 30.