The Trump administration announced that it would loan 53.3 million barrels of crude oil from the U.S. Strategic Petroleum Reserve (SPR) to energy companies to counteract high crude oil prices amid the Iran war.
The loan is part of a global agreement aimed at stabilizing the oil markets disrupted by the ongoing war. Among the recipients of this loan are nine companies, including Exxon Mobil (NYSE:XOM), Trafigura, and Marathon Petroleum Corp. (NYSE:MPC).
Against this loan, the Department of Energy (DOE) will receive an approximately 28% return premium, representing 15.1 million barrels.
The DOE had previously offered to loan out 92.5 million barrels from the SPR. However, the companies only borrowed about 58% of the offered amount.
Kyle Haustveit, DOE Assistant Secretary of the Hydrocarbons and Geothermal Energy Office, said, “These actions continue to move oil swiftly into the market, address near-term supply needs, and ensure that the Strategic Petroleum Reserve remains strong through …
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