ICYMI – US to sell another 26 mn barrels of crude oil from the Strategic Petroleum Reserve | Forexlive

The Biden administration is selling more oil from the SPR due to a mandate from Congress in previous years.

• selling 26 million barrels of crude oil from the Strategic Petroleum Reserve

Says Reuters:

• U.S. Department of Energy had considered cancelling the fiscal year 2023 sale of the 26 million barrels after the Biden administration last year sold a record 180 million barrels from the reserve. But such a cancellation would have required Congress to act.

More:

• sale will likely temporarily push the reserve below its current level of about 372 million barrels, its lowest level since 1983.
• DOE said bids on the oil are due on February 28
• the oil would be delivered from April 1 to June 30