US Plans to Buy 12 Million Barrels of Oil for Reserve This Year
- Biden administration replenishing depleted reserve in chunks
- Oil traders have been closely watching Biden’s refill plan
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The US plans to purchase about 12 million barrels of oil this year as it begins to refill its depleted emergency reserve amid falling crude prices, according to two people familiar with the matter.
The figure includes 3 million barrels already scheduled for delivery in August and an additional 3 million barrels from a solicitation the Biden administration issued on Friday, according to the people.