US May Sell More Oil Reserves This Week

President Joe Biden is considering selling off the remaining 14mn barrels of the federally mandated 180mn barrel sale from the US Strategic Petroleum Reserve this week in a bid to manipulate oil prices ahead of the midterms, sources claim.

The White House has also urged oil companies to sell an extra 26mn barrels to tackle high gas prices after OPEC+ pledged to cut production by 2mn barrels/day, despite Biden’s pleas for the contrary.

The Department of Energy has already begun negotiations to buy back oil to restock the SPR through 2025, which now stands at its lowest levels in almost four decades.

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