The U.S. government has announced its intention to lend energy companies up to 40 million barrels from the strategic oil reserve, as part of the final tranche under an international agreement to release reserves following the conflict with Iran. In
March, the United States agreed to lend 172 million barrels from the reserve as part of a broader deal involving about 30 member countries of the International Energy Agency, aiming to release up to 400 million barrels. In June, the
U.S. administration proposed lending 40 million barrels under this agreement, but companies later agreed to borrow only about 500,000 barrels. U.S. Energy Secretary Chris Wright stated that the U.S. and Japan have fulfilled their commitments under the deal, while some
European countries have withdrawn only a small portion of the crude oil and petroleum products they pledged.
