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US Sells Oil From Strategic Reserve

US Sells Oil From Strategic ReserveUS Sells Oil From Strategic Reserve

 The US administration said on Friday that six companies, including ExxonMobil Corp, Marathon Petroleum Corp and Motiva Enterprises LLC, bought a total of 11 million barrels of oil from the Strategic Petroleum Reserve. The sale of the oil from the reserve was mandated by previous law to fund the federal government, Reuters reported. US crude oil production rose 231,000 barrels per day, or 2%, to a record 10.67 million barrels per day in June, the US Energy Information Administration said in a pair of monthly reports on Friday. The agency also raised its estimate for May by 1,000 bpd to 10.4 million bpd. US crude production has been increasing, nearing top producers Russia and Saudi Arabia. Its output has been closely watched by crude oil markets, which have contended with concerns about oversupply, as oil production ramps up and trade tensions between the United States and China weigh on global demand forecasts.

 

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