The U.S. government said oil companies have agreed to borrow about 40 million barrels of crude oil from the Strategic Petroleum Reserve, marking the final tranche the country had pledged under a global agreement. The arrangement is intended to help stabilize fuel prices. Companies involved include Gunvor, Trafigura Trading, Phillips 66, and Vitol. Earlier this year, in March, the United States agreed to lend 172 million barrels of crude oil. Following those moves, the size of the Strategic Petroleum Reserve has fallen to its lowest level since 1982. The update was reported by ChainCatcher.
The U.S. government said oil companies have agreed to borrow about 40 million barrels of crude oil from the Strategic Petroleum Reserve. It is the last batch the United States had pledged to provide under a global agreement.
The agreement is aimed at stabilizing fuel prices. The companies involved are Gunvor, Trafigura Trading, Phillips 66, and Vitol.
In March this year, the United States agreed to lend 172 million barrels of crude oil. The size of the Strategic Petroleum Reserve has now fallen to its lowest level since 1982.
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