The U.S. Department of energy signed the first contracts for a planned sale of oil from its strategic reserves. Expected sales will begin in January.

The us Department of energy signed the agreement for the first sales of oil from strategic reserves of the United States. Such action is envisaged by the documents of the US Federal budget approved in December 2016.

Reported sanctions on the sale of a total of nearly 190 million barrels. of oil from the strategic reserve in the period 2017-2025 fiscal years.

Accepted in the United States in 2015, the legislation ordered to produce in 2017-2020 such sales in the amount of $2 billion required for the implementation of the modernisation programme, the strategic petroleum reserve.

The first contracts were signed with Trading companies as Shell and Phillips 66, which sell 6.4 million barrels. fuel. All in all, the tender was attended by 21 companies.

Note also that as of 8:30 27 January the price of the March futures for North sea petroleum mix of mark Brent reached $56,18/barrel. on WTI – $53,76/bbl.

Recall that the us strategic oil reserve was created by decision of the U.S. Congress in 1975 after the world energy crisis in case of new emergency. As of January 13 at four repositories in salt formations in the States of Texas and Louisiana contained more than 695 million barrels of oil. This means that the vault was filled with approximately 97%. American petroleum reserve is the world’s largest government-owned.

Source: TASS

The United States opened the strategic oil reserves 27.01.2017

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