U.S. to Acquire 3 Million Barrels of Oil for Emergency Reserve in September
3/6/2024
(Reuters) — The U.S. is seeking to buy about 3 million barrels of oil for the Strategic Petroleum Reserve for delivery in September, the Energy Department said on Wednesday, as it slowly replenishes the emergency stash after selling a record amount in 2022.
President Joe Biden in 2022 ordered a sale of about 180 million barrels from the reserve to help calm oil prices after Russia's invasion of Ukraine.
So far, the U.S. has bought back nearly 26.3 million barrels at an average price of $76.47 a barrel, less than the average $95 per barrel price the oil was sold at, the department said.
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Pipeline Project Spotlight
Owner:
East African Crude Oil Pipeline Company
Project:
East African Crude Oil Pipeline (EACOP)
Type:
TotalEnergies in discussions with a Chinese company after Russian supplier Chelpipe was hit by sanctions.
Length:
902 miles (1,443 km)
Capacity:
200,000 b/d
Start:
2022
Completion:
2025
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