Commodities
US Loans 8.5M Barrels in Second SPR Oil Batch Since Iran War
The US Department of Energy has loaned 8.48 million barrels of crude oil from the Strategic Petroleum Reserve to four companies, Gunvor USA, Phillips 66 Company, Trafigura Trading, and Macquarie Commodities Trading.
This is the second batch of SPR oil loans since the US-Israeli war on Iran, which has led to a surge in fuel prices. The DOE had offered up to 10 million barrels for loan in this batch.
The ultimate goal is to lend 172 million barrels from the SPR throughout this year and into 2027 as part of a wider agreement with 32 countries in the International Energy Agency to release 400 million barrels.