The US Strategic Petroleum Reserve agreed to release or lend 53.3 million barrels of crude oil to companies including Trafigura, Marathon Petroleum and Exxon Mobil, as Washington sought to curb rising oil and gasoline prices tied to the Iran war/conflict. [1, 2, 3, 4]
Trafigura got the largest share, with nearly 13 million barrels, while the oil is set to be released or lent between June and August during the summer driving season. [1, 2, 4]
The action is part of a wider effort with the International Energy Agency and other countries to push down global oil prices and ease fuel costs. In March, the US and more than 30 IEA members agreed to release about 400 million barrels worldwide, including 172 million barrels from the US. [1, 3, 4]
The Trump administration has committed to releasing 172 million barrels in the SPR exchange program, and the Energy Department has so far agreed to release 133.1 million barrels. Last month, the department said it was willing to lend 92.5 million barrels, but nine companies borrowed only about 58% of that amount. [1, 3, 4]
US regular gasoline prices were reported at about $4.50 to $4.52 per gallon, the highest since 2022. Fatih Birol said in Chinese that the war had sparked the biggest energy crisis in history and that the IEA was ready to release more reserves if supply disruptions continued. [2, 4]
The next tranche of oil is scheduled for release between June and August, and the SPR exchange program still has more barrels to deliver under the 172 million-barrel commitment. [1]
