The US Department of Energy has announced plans to make an additional 92.5 million barrels of crude oil available for companies to borrow from the Strategic Petroleum Reserve (SPR).
The crude will be drawn from major reserve facilities, including Bayou Choctaw, Bryan Mound, Big Hill and West Hackberry, with deliveries scheduled between June and August. Companies accessing the oil will be required to return it between early next year and mid-2029.
The move follows an earlier offer of 126 million barrels, of which less than 80 million barrels—about 63%—were taken up.
At present, the SPR holds roughly 398 million barrels, equivalent to around four days of global oil consumption. The reserve continues to serve as a critical tool for the US to stabilise energy markets amid ongoing disruptions linked to the Iran conflict.
