US awards contracts to sell 30 million barrels of strategic oil reserves

The US Department of Energy said on March 16 that it has awarded contracts for 30 million barrels of crude oil for sale from the country's Strategic Petroleum Reserve, following Russia's invasion of Ukraine.

A total of 13 companies submitted 109 bids for evaluation, and contracts were awarded to seven companies, Reuters reported, citing a statement from the department.

This included 16.06 million barrels to Marathon Petroleum, 1.27 million barrels to Chevron Corp, 2.55 million barrels to Motiva Enterprises, 4.2 million barrels to Phillips 66, and 4.75 million barrels to Valero Marketing and Supply.

The sale was part of a coordinated action with 30 member countries of the International Energy Agency (IEA) to collectively release an initial 60 million barrels of oil from strategic petroleum reserves, it added.

"This effort reflects a common focus and willingness to address significant market and supply disruptions related to President Vladimir Putin's war on Ukraine," the department said.