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Valero’s (NYSE:VLO) transaction division is biggest buyer of crude oil in The second sale from the US Strategic Petroleum Reserve, part of the Biden administration’s efforts to combat rising energy prices following Russia’s invasion of Ukraine.
The Department of Energy said on Thursday it had awarded 12 contracts for 30 million barrels of SPR oil that had been marked for delivery between May and July, and it plans to supply an additional 40 million barrels of SPR crude on March 1. May 24 for delivery in June and July.
In addition to the 6.85 million barrels given to Valero, Other successful bidders include 4.05 million barrels for Motiva Enterprises, 3.6 million barrels for Exxon Mobil (XOM), 2.75M to shell (SHELF), 2.6 million to Glencore (OTCPK: GLCNF) (OTCPK: GLNCY), 2.5M to Phillips 66 (PSX) and 2.4 million to Marathon Petroleum (MPC).
Crude oil prices have mostly held above $100 a barrel since the war in Ukraine began even though the US and other countries have released emergency stockpiles.
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