US government to loan 53 million barrels of crude to counter oil spikes 🚨
Reuters reports that the Trump administration is providing 53.3 million barrels of crude oil from the US Strategic Petroleum Reserve to energy firms under a global pact to steady markets rattled by the war on Iran and mitigate supply constraints.
The move comes after nine energy corporations, including Exxon Mobil, Trafigura and Marathon Petroleum, tapped into just 58 percent of the 92.5 million barrels that the Department of Energy (DOE) made available in a similar loan last month.
The latest loan offer is part of the DOE’s broader strategy to discharge 172 million barrels from the country’s strategic reserve to mitigate the impact of the war.