US Plans to Withdraw 40 Million Barrels from Strategic Oil Reserve

The US government has announced its intention to lend energy companies up to 40 million barrels from the strategic oil reserve as part of its final commitment under a global agreement to release reserves following the conflict with Iran. In March, the US agreed to lend 172 million barrels from its reserve as part of a broader deal involving about 30 member countries of the International Energy Agency, aiming to release a total of 400 million barrels. In June, the US administration offered to lend 40 million barrels under this agreement but later reported that companies had only taken about 500,000 barrels. US Energy Secretary Chris Wright stated that the US and Japan have fulfilled their commitments, while some European countries have withdrawn only a small portion of the crude oil and petroleum products they pledged.