The United States Department of Energy announced that it will begin buying back 3 million barrels of oil for the Strategic Petroleum Reserve (SPR) in February.
This is the first purchase since the record output of 180 million barrels this year from stockpiles.
For the record, President Joe Biden announced the sale in late March to combat a spike in gasoline prices that fueled inflation after Russia's invasion of Ukraine began.
The streak, the level of sales in the SPR fell to about 380 million barrels to the lowest level since 1984, thus triggering concerns about energy security.
The White House has previously said it will buy back oil for the EC when prices are at or below around $67 to $72 a barrel.
However, current futures for US WTI are trading at $75 per barrel.
Even so, US Department of Energy officials say they will be more flexible in this regard, adding that the current price position is appropriate to consider buybacks.
