(Reuters) - The United States has signed contracts to buy three million barrels of oil to replenish the Strategic Petroleum Reserve (SPR), following the biggest sell-off in history last year, the U.S. Department of Energy said on Tuesday. The department said it bought oil for delivery in Big Spring, Texas, for an
average of $77.31 a barrel, down from $95 a barrel in 2022. President Joe Biden's administration sold off last year, including a record 180 million barrels, to help control oil prices after Russia, a major crude exporter, invaded Ukraine. The US has now bought about 1 million barrels for replenishment since last
year and the sale of #039. About million barrels also return to the SPR by February, when the oil companies return the oil loaned to them in exchange. In the latest deal, Sunoco Partners Marketing and Terminals LP sold 1.2 million barrels to SPR, while Macquarie Commodities Trading US LLC and
Phillips 66 each sold about 900,000 barrels, the energy department said on its website. The Energy Department has already secured the cancellation of 1 0 million barrels of congressionally mandated SPR
sales that were scheduled to last from the end of this year to the end of 2026. Cancellation andquot; led to significant advances in supplementation. said the department. (Reporting by Richard Valdmanis and Caitlin Webber; Editing by Dan Whitcomb and Chris Reese)
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