US loans 16.75 million barrels of oil from SPR
USO•Oil companies agreed to borrow 16.75 million barrels from the Strategic Petroleum Reserve, the Department of Energy said. The loans are part of a March deal in which the US agreed to lend 172 million barrels.
1. Companies borrow oil
Gunvor, Trafigura Trading and Vitol Inc are among the companies that agreed to borrow the oil, the Department of Energy said. The US had offered 17 million barrels from the reserve on October 16.
2. Wider reserve release
The US agreed in March to loan 172 million barrels from the Strategic Petroleum Reserve as part of a deal with about 30 countries in the International Energy Agency to release 400 million barrels from reserves worldwide.
