Firms with business in Iran barred from SPR oil-US

Newswire

WASHINGTON, June 28 (Reuters) - The U.S. Energy Department on Tuesday updated the terms for its planned emergency oil sale, saying companies can't bid on the crude if they have business activity in Iran, or have a subsidiary doing business in Iran, that may violate U.S. sanctions law. Bids are due on Wednesday on some 30 million barrels of crude the Obama administration is offering from the U.S. Strategic Petroleum Reserve to help ease expected tight global supplies later this year. ...

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