The U.S. Energy Department said on Wednesday it has awarded contracts for 30 million barrels of crude oil put up for sale from the U.S. Strategic Petroleum Reserve.
A total of 13 companies submitted 109 bids for evaluation, and contracts were awarded to seven companies, the department said https://bit.ly/3wa7nf2 in a statement.
They included 16.06 million barrels to Marathon Petroleum , 1.27 million barrels to Chevron Corp, 2.55 million barrels to Motiva Enterprises, 4.2 million barrels to Phillips 66, and 4.75 million barrels to Valero Marketing and Supply.
“This effort reflects a common focus and willingness to address significant market and supply disruptions related to President Vladimir Putin’s war on Ukraine,” the department said.
The sale was part of a coordinated action with 30 member countries of the International Energy Agency to collectively release an initial 60 million barrels of oil from strategic petroleum reserves, it added. (Reporting by Kanishka Singh in Bengaluru; Editing by Richard Pullin)
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