December 30, 2023 [Reuters]-The United States has finalized contracts to purchase three million barrels of oil to help replenish the Strategic Petroleum Reserve (SPR) after the largest sale in history last year, the U.S. Department of Energy said on Tuesday.
The department said it bought the oil, for delivery to a site in Big Spring, Texas, for an average of $77.31 a barrel, below the average of $95 a barrel that oil sold for in 2022.
The administration of President Joe Biden had conducted sales last year, including a record one of 180 million barrels, to help control oil prices after Russia, a large crude exporter, invaded Ukraine.
On the latest transaction, Sunoco Partners Marketing & Terminals LP sold 1.2 million barrels to the SPR, while Macquarie Commodities Trading US LLC and Phillips 66 (PSX.N) each sold about 900,000 barrels, the Energy Department said on its website.
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