The US Department of Energy offers contracts for the sale of oil from the strategic reserve to curb price increases

The US Department of Energy (DOE) announced the issuance of contracts for the sale of crude oil from the Strategic Reserve.

The ministry said 14 US companies will buy oil from the strategic reserve in an effort to address global supply disruptions, increase local supply, help stabilize market volatility and lower energy costs for American families.

On March 31, US President Joe Biden decided to release one million barrels per day for a period of 6 months to curb the rise in oil prices.

The US Department of Energy said companies had submitted 68 bids to buy oil from the strategic reserve.

Source: US Department of Energy website.