On Thursday, the DOE offered a third batch of 30 million barrels of sweet, or low-sulfur, crude from the Strategic Petroleum Reserve’s West Hackberry site in Louisiana, the second allotment under the Trump administration’s effort to curb fuel prices that have surged during the war on Iran, reports Reuters.
The companies that have been awarded SPR loans are Gunvor USA, Phillips 66 Company, Trafigura Trading and Macquarie Commodities Trading, the DOE said. Ultimately, the U.S. aims to lend 172 million barrels from the SPR for delivery throughout this year and into 2027. It is part of a wider agreement with 32 countries in the International Energy Agency to release 400 million barrels. Read more from Reuters.
