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Citgo Petroleum: No Need in Strategic Reserves

Citgo has withdrawn its request for 250,000 barrels of oil from U.S. strategic reserves

Citgo Petroleum Corporation has withdrawn its request for 250,000 barrels of oil from U.S. strategic reserves, while Marathon Oil submitted one.

U.S. Department of Energy chief spokesman Andrew Beck said Citgo decided it didn't need the reserves oil because Louisiana's Calcasieu Channel had been partially re-opened since Hurricane Gustav hit the region this week.

The channel's reopening means Citgo will be able to supply its Lake Charles refinery, Beck said.