The IEA's Libya Action Sells 30.6 Million Barrels of SPR Crude
James Forrestal Building, 1000 Independence Avenue SW, Washington, D.C. 20585, United StatesUS Department of Energy
CONFIRMED90% CONFIDENCESecretary Chu announced the coordinated release on 23 June 2011 and the notice of sale followed the next day; DOE's update of 30 June reports the bidding.[1]
With Libyan production off the market, the International Energy Agency put 60 million barrels into it on 23 June 2011, and the US share came out of the Strategic Petroleum Reserve. The auction was heavily oversubscribed: more than 90 offers came in for 30.2 million barrels of light sweet crude, and 15 companies took delivery.
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