US awards SPR contracts worth $248 million to ExxonMobil, others

Sunoco LP (Texas)

28/02/2024 20:37

WASHINGTON, Feb 28 (Reuters) - The Biden administration
has awarded contracts worth $247.7 million to buy 3.2 million
barrels of oil for the Strategic Petroleum Reserve (SPR) to
Exxon Mobil XOM.N , Macquarie Commodities, and Sunoco Partners
Marketing & Terminals LP SUN.N , the Energy Department said on
Wednesday.
    The contracts were advertised on Feb. 8 and delivery of the
U.S.-produced crude oil is expected in July, the Energy
Department said in a statement.
    The oil is being purchased for an average price of $77.39
per barrel, lower than the average of about $95 per barrel that
SPR crude was sold for in 2022, it added.
    

 (Reporting by Eric Beech and Ismail Shakil)
 ((ismail.shakil@tr.com;))