Section United States Energys auction plans some 20 million barrels of crude oil subordinate Strategic Petroleum Reserves. This is the largest sale of crude from its tanks this year, and it occurs in the context of uncertainty over fuel demand, due to the increase in infections with the Covid-19 virus.
Oil to sell It is worth more than double what was put up for sale three months ago. It will be delivered within Fourth quarter of the year, when US fuel demand drops by winter and refineries Oil purchases decrease as they are made Maintenance and repair.
The sale happens next Crude oil prices fell about 15%. After I arrived 6 years maximum And half in early July. The drop in prices is caused by the spread of the delta variable that threatens to derail the economic recovery.
Even companies like Black Rock Company yefferies Financial Group Inc. They announced that they will postpone their plans to return to being in the offices.
The oil reserve was established in 1975 to serve as an emergency store. until August 13, Storage of about 621 million barrels In underground tanks, according to Department of Energy figures.
“Coffee fanatic. Gamer. Award-winning zombie lover. Student. Hardcore internet advocate. Twitter guru. Subtly charming bacon nerd. Thinker.”