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> 5m barrels of US Strategic Petroleum Reserve to be...
5m barrels of US Strategic Petroleum Reserve to be sold
14 Mar 2014
The Obama administration plans to sell 5 million barrels of the Strategic Petroleum Reserve, calling the move a test of the petrol distribution system. The last time this happened was in August 1990 before the first Gulf War.
The government rejected a connection with the turmoil in Ukraine or other geopolitical events.
Global brent crude oil rose above $108 a barrel. The tension in Ukraine ahead of a referendum in the Russian-majority region of Crimea raised worries over Russian oil supplies, which has arguably had an impact of the US decision to sell a percentage of the Strategic Petroleum Reserve.