The U.S. Energy Department has stated that it plans to sell up to approximately 20 million barrels of crude oil from the Strategic Petroleum Reserve, according to laws enacted in 2015 and 2018. Under these laws, the department is required to sell more than ten million barrels during the year 2021.
The department noted that the law allows it to sell oil valued at up to 450 million dollars, and this is aimed at funding the modernization of the reserves stored in caverns located in Texas and Louisiana, which may require the sale of another ten million barrels.
