US Energy Department distributes 26 million barrels from strategic petroleum reserve
The US Department of Energy announced that it has released 26.03 million barrels of crude oil from the Strategic Petroleum Reserve to nine oil companies as part of the third phase of efforts to curb soaring fuel prices since the start of the US-Israeli aggression against Iran.
The United States has so far provided 126 million barrels in three installments from the Strategic Petroleum Reserve in the form of loans, with energy companies required to repay the crude oil plus interest, according to CNBC Arabia on Saturday.
In March, the Trump administration approved the release of 172 million barrels from the Strategic Petroleum Reserve in a coordinated move with the International Energy Agency to release 400 million barrels in an attempt to control fuel prices that have risen due to the war.
Energy companies have signed agreements to borrow approximately 80 million barrels, representing more than 63% of what the administration offered.
The U.S. Department of Energy stated that the companies that obtained the quantities from the Strategic Petroleum Reserve include “BP Products North America, Exxon Mobil Oil Corp. and Marathon Petroleum.”