US borrows 26.03 million barrels of oil from reserves in third batch since start of Iran war

(Patria) - The US Department of Energy announced on Friday that nine oil companies borrowed 26.03 million barrels of crude oil from the Strategic Petroleum Reserve (SPR), which is the third allocation as part of the Donald Trump administration's efforts to curb fuel prices that have risen since the US-Israeli war against Iran, Reuters reported.

The Trump administration agreed in March to release 172 million barrels from the SPR in a coordinated move with the International Energy Agency to withdraw 400 million barrels in an effort to control fuel prices that have risen due to the war.

The United States has so far offered 126 million barrels in three tranches in the form of loans from the SPR, with energy companies required to return crude oil with additional barrels as interest.

Energy companies have signed agreements to borrow nearly 80 million barrels, or more than 63 percent of what the administration offered.
Companies that received SPR loans in the third tranche include BP Products North America, ExxonMobil Oil Corp, and Marathon Petroleum, the Department of Energy said.

The US Department of Energy announced on Friday that nine oil companies borrowed 26.03 million barrels of crude oil from the Strategic Petroleum Reserve (SPR), which is the third allocation as part of the Donald Trump administration's efforts to curb fuel prices that have risen since the US-Israeli war against Iran, Reuters reported.

The Trump administration agreed in March to release 172 million barrels from the SPR in a coordinated move with the International Energy Agency to withdraw 400 million barrels in an effort to control fuel prices that have risen due to the war.

The United States has so far offered 126 million barrels in three tranches in the form of loans from the SPR, with energy companies required to return crude oil with additional barrels as interest.

Energy companies have signed agreements to borrow nearly 80 million barrels, or more than 63 percent of what the administration offered.

Companies that received SPR loans in the third tranche include BP Products North America, ExxonMobil Oil Corp, and Marathon Petroleum, the Department of Energy said.