U.S. Department of Energy Plans to Loan 40 Million Barrels of Strategic Petroleum Reserve to Energy Companies

The U.S. Department of Energy stated that the Trump administration plans to loan 40 million barrels of crude oil from the Strategic Petroleum Reserve to energy companies in response to the situation in Iran and the fuel price increases caused by the Russia-Ukraine war. This operation is part of the agreement previously reached between the U.S., the International Energy Agency, and approximately 30 countries to release around 400 million barrels of crude oil, which companies are required to return as agreed. The Trump administration had proposed releasing the remaining 40 million barrels under this agreement back in June of this year, but at that time, energy companies only agreed to borrow approximately 500,000 barrels. (Source: Jintou Data)