1 days ago
U.S. says oil companies agreed to borrow about 40 million barrels from strategic reserve
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.
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