The United States has launched an auction for 32 million barrels of crude from four strategic petroleum reserves sites to be delivered between late-December and April 2022, the Department of Energy said.
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 cool prices after OPEC+ producers repeatedly ignored calls for more crude. Deliveries will take place January through April 2022, with early deliveries accepted in late December, it added.Companies are required to submit bids on Dec. 6 and contracts will be awarded no later than Dec. 14.
bbls? Is that 'bubbles'? Or maybe 'Bounce Back Loan Scheme'?
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