The US Department of Energy disclosed that it has purchased 2.8 million barrels of crude oil to replenish strategic petroleum reserves.
The US government announced the sale of 180 million barrels of strategic oil reserves to stabilize oil prices two years ago. The government claimed at the time that it would replenish the reserves when oil prices were suitable.
In addition to the replenishment action announced on Thursday, the Department of Energy has replenished a total of 32.3 million barrels of crude oil since last year. Currently, the stock of US strategic oil reserves is 363 million barrels, the lowest level in 40 years. Only half of the oil storage tanks that can store 600 million barrels of oil are loaded with crude oil.
In addition, the Department of Energy plans to cancel the sale of 140 million barrels of crude oil approved by Congress, which is equivalent to replenishing reserves.
