The United States sells 20 million barrels of oil from emergency reserves

Today, Monday, the United States of America announced the sale of 20 million barrels of crude oil from emergency reserves to 8 companies, according to Reuters, citing a statement by the Ministry of Energy.

The Ministry of Energy had invited companies to participate in the auction on August 23 last. The contracts went to Atlantic Trading and Marketing, an arm of the French company Total, Chevron, ExxonMobil, Marathon Oil Supply and Trading (MPCN), Motiva, and Philips.

The auction coincided with a rise in US oil prices, amid fears that supplies would be affected by Hurricane Ida, in addition to the continued impact of Covid-19 on the country.

The winning companies with emergency reserve crude will get oil from storage in Texas and Louisiana between December 1 and 15, according to the administration’s statement on its website.