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Commodities

US Loans 45 Million Barrels of Oil from Strategic Reserve

Guavy AI Editorial Team
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Oil
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The US Energy Department has awarded contracts to loan 45.2 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) as part of a wider agreement to release oil from reserves and stabilize markets.

The loans are being made at no cost to American taxpayers, with companies returning extra barrels as a premium in exchange for the borrowed oil.

Fourteen companies have been awarded contracts, including BP Products North America, Gunvor USA, Marathon Petroleum, and Shell Trading. The US aims to eventually exchange a total of 172 million barrels from the SPR.

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