SHANGHAI, Jan 26 - The US Department of Energy announced the release of 13.4 million barrels of crude oil from the Strategic Reserve as part of a new initiative by the Biden administration to curb soaring oil prices.
The deal, awarded to seven companies, is the second largest of its kind from the US Strategic Petroleum Reserve and brings the total amount of oil released to nearly 40 million barrels, according to the US Department of Energy. The contracts are part of a plan announced by US President Joe Biden last November to release 50 million barrels of crude oil from the SPR, in partnership with countries including India, Japan and South Korea.
