U.S. OKs 2,700,000 bbls of crude oil from SPR to ExxonMobil -statement

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The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York, December 30, 2015. Standard & Poor's Ratings Services said on April 26, 2016, it had cut Exxon Mobil Corp's corporate credit rating to "AA+" from "AAA," citing the impact of low oil prices. REUTERS/Lucas Jackson

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WASHINGTON, March 7 (Reuters) - The U.S. Department of Energy has approved the twelfth exchange of 2,700,000 barrels of crude oil for release to ExxonMobil Corp (XOM.N) from the nation's Strategic Petroleum Reserve, the department said in a statement on Monday.

The move was part of the Biden administration's approval for such releases authorized in November 2021 as part of a larger effort to boost the U.S. fuel supply, it added.

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Reporting by Susan Heavey; Editing by Toby Chopra

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