President Joe Bidens The administration said Monday it was reportedly selling 26 million barrels of crude oil from the Strategic petroleum reserve – a move that could temporarily push the reserve below its current level of about 372 million barrels, its lowest level since 1983.

The energy authority said bids for the oil are scheduled for Feb. 28 and that oil will be delivered from April 1 to June 30, Reuters reported.

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The DOE had considered canceling the sale of the 26 million barrels for fiscal 2023 after the Biden administration sold a record 180 million barrels from the reserve last year. But such a cancellation would have required action by Congress, the report said.

Brent crude futures were last traded 0.88% lower at $85.9, while U.S. West Texas Intermediate (WTI) crude futures are down 1.12% at the time of writing to $79.24.

The United States Brent Oil Fund BNO closed down 0.63% on Monday, while the Vanguard Energy Index Fund ETF VDE 0.42% lower closed.

Strategy: The department said it is implementing a three-pronged strategy to replenish the reserve over the long term, which includes buybacks with proceeds from distress sales, returning over 25 million barrels of oil from previous exchanges and working with Congress to avoid “unnecessary sales” regardless of supply disruptions to strategically maintain volume.”

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