The United States will let ExxonMobil and BP American draw crude oil from the country's strategic reserves, according to DI. Each company may take as much as two million barrels, US Energy Secretary Chris Wright said in a statement.
Under the arrangement, the two oil majors must return the crude to the reserves in 2027, DI reports. The Department of Energy says they will have to hand back more than they borrowed.
This is not the first release from the reserves this year. Since the US and Israel attacked Iran in February, 132 million barrels have been released, according to DI.
The figures reported by DI cover only the amounts set aside for the two named companies and the total released so far. The material does not say what the borrowed oil will be used for, how the repayment terms are calculated, or whether other companies will also be given access.
The loans add to a year in which the reserve has already been tapped heavily following the February strikes on Iran. The requirement to return a larger volume than was taken means the reserve is meant to be refilled beyond its pre-loan level once the crude comes back in 2027.
Watch for confirmation from the US Department of Energy on the final volumes drawn and any further releases from the reserve.
