Six companies, including ExxonMobil Corp, bought a total of 11 million barrels of oil from the U.S. Strategic Petroleum Reserve, in a sale timed to take place ahead of U.S. sanctions on Iran that are expected to remove oil from the global market. The oil sold in a range of $67.66-$69.05/bbl, according to the Department of Energy.
Exxon Mobil bought ~3.3M barrels from the reserve, Marathon Petroleum purchased nearly 1.4M barrels, Saudi Arabia’s Motiva Enterprises acquired 2.4M barrels, Phillips 66 added more than 2M barrels, Royal Dutch Shell picked up nearly 1.6M barrels, and Valero Energy bought 330K barrels.
