The Department of Energy releases 53.3 million barrels to nine firms as part of a 400 million-barrel IEA effort to stabilize oil markets.
The US Department of Energy will loan 53.3 million barrels of crude oil from the Strategic Petroleum Reserve to nine energy companies, including Exxon Mobil and Marathon Petroleum. The move is part of a broader International Energy Agency-coordinated release of 400 million barrels aimed at easing oil prices driven higher by geopolitical tensions and supply disruptions.
Last month, companies borrowed only 58% of the 92.5 million barrels offered by the DOE. The agency has already released roughly 80 million barrels earlier this year and targets a total of 172 million barrels as part of a March agreement with IEA members. The effort seeks to counter the impact of Iran’s closure of the Strait of Hormuz, a critical oil transit route.
US gasoline prices reached $4.52 per gallon on Monday, the highest level since 2022, according to AAA data. IEA Executive Director Fatih Birol warned the conflict represents the largest energy crisis on record and indicated further releases could follow if disruptions persist.