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U.S. to sell another 40 million barrels from the Strategic Petroleum Reserve

The DOE’s offer comes through an exchange and is the final tranche of the 172 million barrels the U.S. pledged for a coordinated emergency release.

Reported · Written up by our desk · Energy

OilPrice reports that the U.S. Department of Energy will offer another 40 million barrels of crude from the Strategic Petroleum Reserve.

The sale will be conducted through an exchange, with the new offering described as the final tranche of the 172 million barrels the United States pledged for a coordinated emergency release.

According to OilPrice, the move follows continued strength in gasoline and diesel prices, which have remained elevated nearly seven months into the Iran war.

The report also says the overall emergency release plan was organized in coordination with the International Energy Agency, in line with the pledged total.

Latest closeWTI crude $93.42 ▲1.1%|Gasoline (RBOB) $3.159 ▼6.9%

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