U.S. Buys 2.73 Million Barrels of Oil for Strategic Petroleum Reserve

The U.S. has contracts to purchase 930 million barrels (MB) from Exxon Mobil, 600 million MB from Phillips 66, 600 MB from Sunoco and 600 MB from Macquarie. The contracts total $215,929,510, according a statement from the department.

The purchases are part of a plan to slowly replenish the SPR after a record drawdown last year to ease prices in the aftermath of Russia’s invasion of Ukraine.

(Reporting by Eric Beech; Editing by Caitlin Webber)