February 28, 2020 / 3:37 PM / a month ago

U.S. to sell 12 mln barrels of crude from emergency reserve in compliance with 2015 law

WASHINGTON, Feb 28 (Reuters) - The U.S. Department of Energy said on Friday it will sell up to 12 million barrels of oil from the Strategic Petroleum Reserve in compliance with the 2015 budget act.

The department said bids must be received no later than 3:00 p.m. Eastern Time on March 11 and contracts will be awarded no later than March 20. The reserve, held in underground salt caverns on the Texas and Louisiana coasts, currently holds 635 million barrels of oil, more than required under international agreements. (Reporting by Timothy Gardner Editing by Chizu Nomiyama)

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