The US Department of Energy (DOE) is offering 11 million barrels of crude for sale from the nation’s Strategic Petroleum Reserve (SPR) ahead of sanctions on Iran that are expected to reduce global supplies of crude.
The delivery period for the proposed sale of sour crudes will be from Oct. 1 through Nov. 30, according to Monday’s notice.
The US government has introduced financial sanctions against Iran which, beginning in November, also target the petroleum sector of OPEC’s third-largest producer. Read more
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