Overview
- The Energy Department allocated supplies to BP Products North America, Gunvor USA, Marathon Petroleum and Shell Trading, with additional awards to Energy Transfer, Mercuria, Trafigura and Vitol.
- The first round covers just over half of the 86 million barrels outlined for the initial phase, with deliveries scheduled through 2026 and into next year.
- The action is part of an International Energy Agency effort involving 32 countries that targets a combined 400 million barrels for release.
- Borrowers must repay 18%–22% more oil than they take, and repayments from this tranche are expected to add nearly 10 million barrels back to the reserve.
- The SPR holds about 415 million barrels in Texas and Louisiana storage as the late‑February Iran–Israel war drove crude to four‑year highs.