The US government said on Thursday local time that oil companies have agreed to borrow about 40 million barrels of crude oil from US strategic oil reserves. This is the last batch of crude oil promised by the US in a global agreement aimed at stabilizing fuel prices after the US and Israel go to war against Iran. The US Department of Energy said the department granted loan contracts for nearly 16.8 million barrels of crude oil on October 28. Gunvor, Trafigura Trading, Phillips 66, and Vitol borrowed this batch of crude oil. In March of this year, the US agreed to lend 172 million barrels of crude oil from strategic oil reserves as part of a broader agreement with about 30 member states of the International Energy Agency. The agreement plans to release 400 million barrels of crude oil from the reserves of countries around the world. The heavy reliance on strategic oil reserves has taken its toll and reduced its ability to calm market fluctuations. At present, the size of strategic oil reserves has fallen to its lowest level since 1982.

The US government said on Thursday local time that oil companies have agreed to borrow about 40 million barrels of crude oil from US strategic oil reserves. This is the last batch of crude oil promised by the US in a global agreement aimed at stabilizing fuel prices after the US and Israel go to war against Iran. The US Department of Energy said the department granted loan contracts for nearly 16.8 million barrels of crude oil on October 28. Gunvor, Trafigura Trading, Phillips 66, and Vitol borrowed this batch of crude oil. In March of this year, the US agreed to lend 172 million barrels of crude oil from strategic oil reserves as part of a broader agreement with about 30 member states of the International Energy Agency. The agreement plans to release 400 million barrels of crude oil from the reserves of countries around the world. The heavy reliance on strategic oil reserves has taken its toll and reduced its ability to calm market fluctuations. At present, the size of strategic oil reserves has fallen to its lowest level since 1982.