Abuse of the US Strategic Oil Stocks Act to eliminate supply scarcity caused by Iran sanctions
Mining News Pro - The president of the United States has been using the country`s strategic oil reserves to finance the federal budget and pharmaceutical program to address concerns about supply shortages caused by Iran`s sanctions.

According to Mining News Pro -Six companies, including Exxon Mobil, bought 11 million barrels of oil from US strategic reserves, ahead of Iran`s sanctions, which is expected to reduce oil on global markets, the US Department of Energy said.

The sale of oil from strategic stocks was fed by federal law and a drug program, but Tramp`s government used the law as soon as possible to sell oil.

Analysts at Kilir Vive Energy Partners said the timing of the sale, after announcement of the August 20 sales date, "seems to indicate that Donald Trump is concerned about the decline in supply in the oil market due to the resumption of Iran`s oil sanctions."

In May, Tramp removed the United States from a nuclear deal with Iran. The government also urged Iran`s customers to cut oil imports to zero by November.

Secretary of State Treasury Steve Manochin said the United States will take special exemptions for countries that need time to cut imports from Iran.

The oil has been sold for shipping by ship or pipeline transmission at a price of $ 67.66 and $ 69.05 per barrel.

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