US to sell initial SPR release on 17 December

Oil

The US has announced that it will sell 18M bbls of crude from its Strategic Petroleum Reserves (SPR) on December 17, after plans of a coordinated effort with other major oil-consuming countries to ease oil prices were previously outlined last month, according to Reuters. This release is an acceleration of a deal that had previously been approved by US Congress, while an additional 32M bbls is also set to be issued across the coming months. The first exchange of 4.8M bbls will reportedly be with ExxonMobil, the largest oil company in the US.