The Strategist

CNN: US plans to purchase 60 million barrels of oil

05/06/2022 - 08:30

The US administration will collect commercial bids in the autumn to buy 60 million barrels of oil to replenish strategic reserves, CNN reported, citing an unnamed Energy Department official.

US authorities are now conducting large commodity interventions at the expense of strategic reserves in an attempt to bring down fuel prices rising on the back of anti-Russian sanctions.

"The administration of (US President Joe) Biden plans to collect bids this autumn to buy 60 million barrels of crude oil as the first step in a multi-year process designed to replenish America's dwindling... reserves," reports CNN.

The US Department of Energy will unveil a long-term oil purchase plan as early as Thursday, it said.

After rejecting oil imports from Russia, Biden announced the release of 180 million barrels from strategic reserves - one million a day for six months.