US loans 40 million barrels of oil from SPR in last share of global agreement
USO•The US government said oil companies agreed to borrow about 40 million barrels of crude from the Strategic Petroleum Reserve, the final US share of a global release. The Energy Department awarded nearly 16.8 million barrels to firms including Gunvor, Trafigura Trading, Phillips 66 and Vitol.
1. Final US allocation
The Energy Department said it awarded contracts on Oct. 28 for nearly 16.8 million barrels, which Gunvor, Trafigura Trading, Phillips 66 and Vitol borrowed. The department had awarded 23.8 million barrels on Oct. 13 to companies including Exxon Mobil, Atlantic Trading & Marketing and Macquarie Commodities Trading.
2. Oil to be returned
The US agreed in March to loan 172 million barrels from the SPR as part of a deal with about 30 countries in the International Energy Agency to release 400 million barrels from reserves worldwide. The administration said the loans will bring back 44 million barrels in addition to the borrowed volumes, with returns beginning early next year. It said the SPR is at its lowest level since 1982.
