US Requests Release of 17 Million Barrels from Strategic Petroleum Reserve
The US Department of Energy has requested bids to release 17 million barrels of oil from the Strategic Petroleum Reserve as part of an international agreement to control prices.
Translated by Qiyas from الجريدة — Original source
The U.S. Department of Energy announced on Friday that the United States has solicited bids to swap up to 17 million barrels of crude oil from its Strategic Petroleum Reserve.
The move is part of a global agreement reached by the United States in March in an effort to curb fuel prices, which were affected by the U.S. military operations against Iran. At the time, Washington agreed to lend 172 million barrels of oil from the Strategic Petroleum Reserve as part of a broader deal with approximately 30 countries in the International Energy Agency to draw down 400 million barrels from reserves worldwide.
The United States had previously offered to release the final tranche of the March agreement in June, but later revealed that month that companies, which were asked to pay premiums of up to 24% in the form of additional barrels of crude oil returned to the Strategic Petroleum Reserve, agreed to draw down only about 500,000 barrels.
