WASHINGTON, July 1 (UPI) -- Industry interest in emergency barrels of oil from U.S. stockpiles is high and awards will be completed by July 11, the U.S. Energy Department said.
The Organization of the Petroleum Exporting Countries left official production quotas set in 2008 in place during their regular meeting in June. Though some OPEC members had moved independently to increase production, analysts had warned high energy prices would impact any economic recovery in world markets.
The International Energy Agency followed the OPEC decision later by announcing all 28 member states would release a combined 60 million barrels of crude oil from their strategic reserves. The IEA said the release was needed because of tight market conditions brought on by the lack of production from war-torn Libya.
U.S. President Barack Obama said the Energy Department would auction off 30.2 million barrels of light, sweet crude from the Strategic Petroleum Reserve in response.
"Industry interest in the Department of Energy's sale of Strategic Petroleum Reserve oil was very high," the Energy Department said in a statement. "Over 90 offers to purchase oil were received ... and the department's offering of 30.2 million barrels of light, sweet crude oil was substantially oversubscribed."
The Energy Department said it was in close consultation with oil exporters and expected to award contracts by July 11.
