Washington-agencies :
The administration of US President Joe Biden intends to sell 26 million barrels of crude oil from the Strategic Petroleum Reserve, under a withdrawal from the Reserve authorized by Congress in previous years.
"US shale oil production in the seven largest basins is expected to rise in March to an all-time high,"the US Energy Information Administration said.
"Shale oil production in the region is expected to increase by 74 thousand barrels per day to a record level of 9.36 million barrels per day,"she added.
The sale announced on Monday is likely to temporarily reduce the Reserve to below its current level of about 372 million barrels, the lowest level since 1983.
The US administration sold 180 million barrels of oil to curb fuel prices, which rose in the wake of the Russian-Ukrainian war and as global consumers recovered from the covid-19 pandemic.
Oil prices recorded strong gains last week by more than eight percent, supported by optimism about the recovery of demand in China after the lifting of covid-related restrictions in December.
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