Photo caption: An oil storage tank and crude oil pipeline equipment is seen during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson Purchase Licensing Rights
he Trump administration said on Thursday it is seeking to exchange up to 92.5 million barrels of crude from the Strategic Petroleum Reserve, as it seeks to calm oil markets that have spiked due to the war with Iran.
Reuters reports that the U.S. agreed earlier this year to loan 172 million barrels from the SPR as part of a wider agreement with more than 30 countries in the International Energy Agency to release about 400 million barrels.
The U.S. has so far offered 126 million barrels of crude in three batches of crude, but oil companies only took less than 80 million barrels or about 63% of what was offered.
The new offer, if all of it is taken by oil companies, would fulfill the U.S. goal to loan 172 million barrels.
