U.S. Releases 53.5M Barrels from Strategic Petroleum Reserve in June-August to Lower Oil Prices

According to Glontech, the U.S. Strategic Petroleum Reserve allocated 53.5 million barrels to companies including Trafigura and Marathon Petroleum for release between June and August to help ease oil price surge linked to the Iran conflict.

The release, the second-largest SPR sale in history, is part of a broader international effort led by the International Energy Agency to lower oil prices ahead of the summer driving season. The U.S. government also committed to releasing 172 million barrels through an exchange program, under which crude is loaned to companies and must be returned in physical form. As of now, 133.1 million barrels have been approved for release.