Replenishment of U.S. oil reserves was put on hold due to high prices

According to Bloomberg, the U.S. authorities rejected all offers to buy oil needed to replenish the country’s strategic reserves. The main reasons for the rejection were extremely high price or failure to meet the requirements. 

The U.S. Department of Energy intends to consider only those offers which will comply with the set requirements for the oil’s quality and price. 

RIA Novosti notes that 15 million barrels of oil from the U.S. strategic reserves were put up for sale in the fall. President Joe Biden considered the possibility of similar actions during the winter in order to stabilize fuel prices. This decision followed a reduction in oil production by members of the Organization of Petroleum Exporting Countries (OPEC+). Despite Washington's pressure, production was cut by 2 million barrels per day.