U.S. awards 13 mln barrel exchange of crude from strategic reserve

The Biden administration announced a plan in November to release up to 50 million barrels from the SPR after oil prices hit seven-year highs. Nearly 40 million barrels of that has now been released through previous exchanges and a sale of 18 million barrels. (File pic shows oil storage at Cushing Oklahoma - Reuters)

WASHINGTON: The U.S. Department of Energy said on Tuesday it had approved an exchange of 13.4 million barrels of crude oil from the Strategic Petroleum Reserve to seven companies as part of President Joe Biden's effort to help control oil prices.

The Biden administration announced a plan in November to release up to 50 million barrels from the SPR after oil prices hit seven-year highs. Nearly 40 million barrels of that has now been released through previous exchanges and a sale of 18 million barrels.