US solicits exchange of up to 17 million barrels of oil from strategic reserve
USO•The US has requested proposals for an exchange of up to 17 million barrels of crude oil from the Strategic Petroleum Reserve, as part of a global reserve-release deal struck in March.
1. Reserve exchange proposal
The Department of Energy said the US issued a request for proposal for an exchange of up to 17 million barrels of crude oil from the Strategic Petroleum Reserve.
2. March reserve deal
The exchange is part of a deal struck in March with about 30 countries in the International Energy Agency to release 400 million barrels from reserves worldwide, including 172 million barrels loaned from the US reserve. Companies previously agreed to borrow about 500,000 barrels from a June offer, with premiums of up to 24% payable as extra crude returned to the reserve.
