Biden Seeks 6M Barrels for SPR
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oil pricesReuters
•Exclusive-US to seek 6 million barrels of oil for reserve, amid low oil price
76% Informative
The Biden administration will seek up to 6 million barrels of oil for the Strategic Petroleum Reserve , a source said.
If completed, the purchase will match its largest yet in replenishment of the stash after a historic sale in 2022 .
The Department of Energy has taken advantage of relatively low crude prices that are below the target price of $ 79.99 per barrel.
The reserve currently holds 380 million barrels , most of which is sour crude.
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