The Energy Department of the United States has said it plans to purchase 3 million more barrels of crude oil for its Strategic Petroleum Reserve.
According to a statement from the department, previous solicitation for about 3 MMbbl resulted in contracts awarded to five companies at an average price of about $73 per bbl.
The move marks the agency’s attempts to begin replenishing the emergency reserve after it released more than 200 MMbbl last year, in part to curb high energy prices.
The DOE further said that it would accept bids for the new solicitation of sour crude oil through June 20 and contracts would be awarded by June 30 for deliveries in September.
The previous awards are due for delivery in August.
