18:37 GMT04 December 2020
Listen Live
    Get short URL

    WASHINGTON (Sputnik) - The United States has suspended its planned sale of crude oil from its Strategic Petroleum Reserve amid the current turmoil in global oil markets, the US Energy Department said in a statement on Tuesday.

    "In light of the recent fluctuations in global oil markets, the US Department of Energy is suspending the recently announced sale of crude oil from the Strategic Petroleum Reserve (SPR)... The sale was designed to raise revenue for SPR facility maintenance and upgrades. Given current oil markets, this is not the optimal time for the sale. The Department continually monitors and evaluates global oil markets and will provide updated information as market conditions change," the statement said.

    Earlier this week, crude oil prices went down by more than 30% in what experts saw as the biggest fall since the 1991 Gulf War, following the failure of the OPEC+ alliance to reach an agreement on introducing new production cuts. 

    US Energy Department, falling oil prices, oil prices, crude oil, US
    Community standardsDiscussion