The Trump administration awarded contracts for nearly 41 million barrels from the Strategic Petroleum Reserve
The Trump administration awarded contracts for nearly 41 million barrels from the Strategic Petroleum Reserve, marking the final portion of a 172 million-barrel emergency release, Bloomberg reported. Trafigura Trading LLC and ExxonMobil Holdings Corp. were among the winners. Reuters separately reported that companies agreed to borrow about 40 million barrels from the reserve.
More context
The Trump administration’s latest awards covered close to 41 million barrels held in the Strategic Petroleum Reserve, completing an emergency oil exchange intended to curb soaring energy prices after the war with Iran, Bloomberg reported. The Energy Department listed Trafigura Trading LLC and ExxonMobil Holdings Corp. among the successful bidders. Bloomberg said the contracts mark the final part of a 172 million-barrel emergency release, the second-largest in the reserve’s history. The release was the U.S. contribution to a broader International Energy Agency plan to put 400 million barrels on global markets. Reuters separately reported that oil companies had agreed to borrow about 40 million barrels from the reserve.
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Verifier’s note
Bloomberg reports contracts awarded for nearly 41 million barrels, and Reuters separately reports oil companies agreeing to borrow about 40 million barrels from the SPR as the last share of the global agreement. Both describe the same reserve release and neither contradicts the central claim.