🇺🇸🛢
The US is preparing to release the last of the 172 million barrels it pledged from the Strategic Petroleum Reserve to offset oil lost to the war on Iran. The Energy Department says the final batch, up to 40 million barrels from storage sites on the Texas and Louisiana Gulf Coast, will ship in November and December.
The reserve held about 283 million barrels as of Oct. 5, the lowest level since 1982, according to the Energy Information Administration. The barrels are loaned to oil companies, which must later return them with extra barrels as a premium.
Meanwhile, G7 countries agreed Friday to release up to 100 million barrels of diesel and crude. But at a meeting on Wednesday, EU countries broadly agreed that the release will "just enact previous commitments rather than requiring additional volumes," Bloomberg reported, citing a memo and EU officials.
According to Reuters, about 75 million barrels from the record release the International Energy Agency announced in March have yet to be released, and EU diplomats expect them to count toward the new 100 million.
🔗
DropSite
