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Six companies. including ExxonMobil Corp.. bought a total of 11 million barrels of oil from the U.S. Strategic Petroleum Reserve. a Department of Energy document showed on Friday. in a sale timed to take place ahead of U.S. sanctions on Iran that are expected to remove oil from the global market.
Sale of the oil from the reserve was mandated by previous laws to fund the federal government and to fund a drug program. but the Trump administration took the earliest available time to sell the crude under the law.
The sale’s timing “would appear to reflect U.S. President Donald Trump’s concern regarding oil market tightness associated with the reinstatement of Iran oil sanctions.“ analysts at ClearView Energy Partners said after the sale was announced on Aug. 20.
