Reuters reports the Energy Department said it issued a request for proposal to exchange crude from the reserve.
Reuters reports that the Energy Department said on October 16 it had issued a request for proposal to exchange up to 17 million barrels of crude oil from the US Strategic Petroleum Reserve.
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The Energy Department issued a request for proposals on October 16 to exchange up to 17 million barrels of crude oil from the Strategic Petroleum Reserve, Reuters reported.
The proposed exchange is part of a March agreement intended to ease fuel-price pressure from the Iran war. The United States agreed to loan 172 million barrels from the reserve under a wider International Energy Agency plan involving about 30 countries and 400 million barrels worldwide, according to Reuters.
The U.S. had released about 132.5 million barrels by October 16. The latest proposal would draw from a final pending batch of 40 million barrels.
The Energy Department first offered that 40 million-barrel batch in June, but companies agreed to borrow only about 500,000 barrels. The government offered the crude again in late September.
The department had not published awards from the September round when Reuters reported the new request. Energy Aspects estimated that the October 16 announcement implied roughly 23 million barrels had been awarded in September, leaving up to 17 million barrels for the latest exchange.
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