US Sells 10.2 Million Barrels of Reserve Crude After OPEC+ Production Cuts
- Reserve sale offered 10 million barrels for November supply
- Biden has signaled more SPR crude oil sales after OPEC+ move
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Marathon Petroleum was the largest buyer of crude oil in the Biden administration’s latest sale of emergency stocks just days after the OPEC alliance announced its largest output cut since the pandemic.
Eight companies were awarded a total of 10.15 million barrels of low-sulfur oil, just a shade above what was offered from the Strategic Petroleum Reserve in the previous release, according to data posted on the Energy Department’s website. Of that, 1 million could be set for export markets, data showed.