U.S. Postpones Crude Oil Sale From Strategic Petroleum Reserve
The DOE had announced the Strategic Petroleum Reserve sale in late February, before the coronavirus outbreak and a price war between major oil producers Saudi Arabia and Russia sank crude prices.
SEATTLE (Oil Monster): The U.S. Department of Energy said on Tuesday it has suspended a sale of up to 12 million barrels of oil from the government’s emergency crude reserve due to the petroleum price drop.
The DOE had announced the Strategic Petroleum Reserve sale in late February, before the coronavirus outbreak and a price war between major oil producers Saudi Arabia and Russia sank crude prices. The sale had been mandated by a 2015 law to fund government programs. Oil prices rose on Tuesday after the biggest rout in nearly 30 years.
Courtesy: www.reuters.com
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