U.S. to sell 32 mln bbls of mostly sour crude from 4 SPR sites

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 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. "Spread across four months, this equivalent to a steady 270,000 b/d stream of medium sour grades, direct competition to Mars," a trader said, adding that the quality of crude to be released will have API gravity of 31 to 33 degrees.

"Overall, very good news for Asian buyers of Mars – already depressed at some -$3.50 per barrels vs WTI, Mars should weaken even further."Register now for FREE unlimited access to reuters.comMore from ReutersSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.

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