The Trump Administration is offering up to 40 million barrels of crude from the US Strategic Petroleum Reserve (SPR), marking the final tranche of its coordinated release plan with the International Energy Agency (IEA).
The US Department of Energy set Oct. 6 as the deadline for bids.
The release will be conducted through an exchange mechanism under which the government lends crude to companies in return for barrels to be delivered back to the reserve at a later date.
IEA member countries agreed in March to make 400 million barrels of oil from emergency reserves available to the market to ease energy-market pressures stemming from the Middle East conflict.
The US committed 172 million barrels from the SPR as part of the coordinated action.
US Energy Secretary Chris Wright indicated that further releases were unlikely.
His comments came after IEA Executive Director Fatih Birol said earlier on Tuesday that member countries could discuss making additional emergency stocks available to the market if needed.
The Trump Administration is offering up to 40 million barrels of crude from the US Strategic Petroleum Reserve (SPR), marking the final tranche of its coordinated release plan with the International Energy Agency (IEA).
The US Department of Energy set Oct. 6 as the deadline for bids.
The release will be conducted through an exchange mechanism under which the government lends crude to companies in return for barrels to be delivered back to the reserve at a later date.
IEA member countries agreed in March to make 400 million barrels of oil from emergency reserves available to the market to ease energy-market pressures stemming from the Middle East conflict.
The US committed 172 million barrels from the SPR as part of the coordinated action.
US Energy Secretary Chris Wright indicated that further releases were unlikely.
His comments came after IEA Executive Director Fatih Birol said earlier on Tuesday that member countries could discuss making additional emergency stocks available to the market if needed.
