News Oil 

U.S. budget deal will trim the nation’s oil reserve by 15%

“The budget deal also requires the sale of up to $350 million of crude from the reserve this year” writes Markets Commodities Reporter for marketwatch.com. At roughly $60 a barrel, that would equal 5.8 million barrels of oil.But “with our rising production, imports have been falling so it takes less oil to cover imports than before.” Williams estimated that the 100 million-barrel sale would leave about 550 million barrels in the reserve—enough to cover over seven months of net imports.
 
Source: marketwatch.com



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