US to sell 32 million barrels of mostly sour crude from 4 SPR sites

The United States has launched an auction for 32 million barrels of crude from four strategic petroleum reserves (SPR) sites to be delivered between late-December and April 2022, the Department of Energy (DOE) said.
 

The sale of SPR oil, which is mainly blended sour crude, is expected to depress the value of U.S. sour crude Mars and benefit buyers in Asia which processes mainly high-sulphur oil.
 

The administration of U.S. President Joe Biden announced on Tuesday it will release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, to try to