US to loan up to 40 million barrels of oil from SPR, last batch from global deal

The US Government said on Tuesday it is offering to loan energy companies up to 40 million barrels of oil from the Strategic Petroleum Reserve, the last US batch of crude from a global deal to unleash reserves in the wake of the war on Iran.



Washington agreed in March to loan 172 million barrels of oil from the SPR as part of a wider deal with about 30 countries in the International Energy Agency to release 400 million barrels from reserves around the world.



In June, the US offered to loan the last 40 million barrels from that agreement, but later that month revealed that companies only agreed to borrow about 500,000 barrels.