In a strategic move to replenish the Strategic Petroleum Reserve (SPR), the US has acquired 1.2 million barrels of oil.
The acquisition comes after a significant sell-off of 180 million barrels from the SPR last year, marking the largest such sale in history.
The Department revealed that the purchased oil was secured through 18 bids, with an average price per barrel of $77.57 (£63).
This transaction involves two companies as the suppliers.
The decision to deplete the SPR last year was part of the Biden administration’s comprehensive strategy to stabilise volatile oil markets and counteract the surge in pump prices.
