The administration of USA plans to sell oil from the country's strategic petroleum reserve - the Time

/IRBIS, Jan.31, 00/ - PRIME TASS informs with reference to the Time, that the USA Administration plans to sell millions barrels of oil from the strategic petroleum reserve of country to beat down the oil prices. The Time writes that the reserve oil can appear in the market during the coming weeks. According to the weekly journal, some of high rank administration representatives believe that Bill Clinton will soon approve the scheme according to which reserve oil will be offered to the petroleum companies. After 12 months or less those companies should return each barrel plus some additional oil. The size of this additive should be established on the negotiations. In the long-term prospect "the Richardson formula" will require cooperation with OPEC and the minister will try to convince some from them to weaken the oil production limitations.