The Trump administration announced Monday it would loan out 53.3 million barrels of oil from the country’s Strategic Petroleum Reserve to energy companies – an attempt to bring down skyrocketing oil prices as a result of the U.S. war with Iran.
The U.S. Energy Department reiterated Sunday that a planned 172-million-barrel release of oil from the country’s Strategic Petroleum Reserve would be structured as an exchange.
US crude oil inventories for the week ended May 24, excluding the Strategic Petroleum Reserve, decreased by 4.2 million bbl from the previous week, according to data from the US EIA
U.S. Deputy Energy Secretary Turk: “We are refilling as much as we can. We have been doing that for the last several months, and at this price level we’ll keep doing it,”.