US reported ready to buy more oil for its reserve

The US government is planning to buy crude oil on the world market for its strategic petroleum reserve for the first time in two years, Petroleum Intelligence Weekly reported. "Congress mandated a minimum one-year fill rate of 100,000 barrels a day starting in October 1980, but the incoming Reagan administration aims to put oil into the reserve at a faster clip," the journal said. The reserve, conceived by Congress after the 1973-74 Arab oil embargo as a cushion against f oreign oil disruptions.

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