US government seeks to loan up to 95.25 million barrels of crude oil from the Strategic Petroleum Reserve

Earlier this year, the United States agreed to lend 172 million barrels of crude oil from its Strategic Petroleum Reserve, as part of an agreement with over 30 members of the International Energy Agency (IEA) to release a total of approximately 400 million barrels. So far, the US has provided a total of 126 million barrels in three batches, but oil companies have only subscribed for less than 80 million barrels, accounting for about 63% of the supply. If the new batch of crude oil provided by the US Department of Energy is fully subscribed by oil companies, the US will achieve its goal of lending out 172 million barrels of crude oil.