The Department of Energy in the United States of America revealed that it seeks to purchase up to 3.3 million barrels of crude oil next October to add to the Strategic Petroleum Reserve, after the agency canceled a similar offer last month. As it did not achieve the best interests of taxpayers as a result of high oil prices.

After oil reserves reached their lowest level in 40 years following the unprecedented withdrawal of a record amount of 180 million barrels following the Russian invasion of Ukraine, the Department of Energy is slowly working to replenish its inventory of more than 700 million barrels.

According to data from the Ministry of Energy, the United States currently possesses approximately 367 million barrels, which records a decrease of approximately 600 million compared to 2022.

President Biden's energy advisor, Amos Hockstein, said that there are sufficient oil reserves, and that if necessary, the administration will use crude oil from the Strategic Oil Reserve.

During his intervention at the Milken Institute's global conference last week, Hockstein indicated that they have renewed strategic reserve resources over the past few months, pointing out that they believe that they have sufficient supplies of strategic reserve to confront any type of fears in the economy if the need arises.