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(Bloomberg) -- The Biden administration is announcing a plan Thursday to begin purchasing oil to refill the nation’s emergency reserve, according to a person familiar with the matter.
The Energy Department will start the buyback process with a call for bids for 60 million barrels this fall, though the actual purchases won’t take place until sometime in the future, according to the person.
President Joe Biden in March ordered the release of a historic 180 million barrels --a million barrels of oil a day for six months -- in an effort to tame oil and gas prices that have skyrocketed after Russia invaded Ukraine.
By Gwladys Fouche and Nora Buli OSLO (Reuters) - Norwegian offshore workers on Tuesday began a strike that will reduce oil and gas output, the union leading the industrial action...
ABUJA (Reuters) - The European Union (EU) and its development finance institutions will provide Nigeria with 1.29 billion euros ($1.3 billion) to help Africa's most populous...
By Noah Browning LONDON (Reuters) -Oil rose on Monday as supply concerns driven by lower OPEC output, unrest in Libya and sanctions against Russia outweighed fears of a...
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