The US Department of Energy (DOE) has offered to sell 11 million barrels of crude from its strategic petroleum reserve ahead of sanctions on Iran which are expected to reduce global supplies of crude.
The delivery period for the proposed sale of sour crudes will be from Oct. 1 through Nov. 30, according to DOE's notice issued on Monday.
The US government has introduced financial sanctions against Iran which, beginning in November, also target the oil sector of OPEC's third-largest producer.
On Sunday, Iran told OPEC that no member country of the oil-producing group should be allowed to take over another member’s share of exports.
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