U.S. Buys 2.73 Million Barrels of Oil for Strategic Petroleum Reserve

(Reuters) — The U.S. Energy Department said on Thursday it has finalized contracts to purchase 2.73 million barrels of oil for the Strategic Petroleum Reserve (SPR).

The U.S. has contracts to purchase 930 million barrels (MMbbl) from Exxon Mobil, 600 MMbbl from Phillips 66, 600 MMbbl from Sunoco and 600 MMbbl from Macquarie. The contracts total $215,929,510, according to a statement from the department.

The purchases are part of a plan to slowly replenish the SPR after a record drawdown last year to ease prices in the aftermath of Russia's invasion of Ukraine.

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