Washington is selling 20 million barrels of its strategic oil reserves

The U.S. Department of Energy has announced plans to sell about 20 million barrels of its crude oil reserves under the laws in 2015 and 2018.

“The two laws require the ministry to sell just over 10 million barrels in fiscal year 2021,” a ministry statement said.

He added: “The law allows the sale of up to $ 450 million of oil to finance the modernization of reserves, the stock of ground tanks in Texas and Louisiana, which may require the sale of 10 million barrels. additional “.

The United States has seldom used its oil reserves, except during major crises, as it did in 2005 during Hurricane Katrina, and in 2011 when unrest erupted in Libya.

Source: “Reuters”

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