US lends 45 million barrels from strategic oil reserve – Reuters

The Trump administration announced on Friday it has lent 45.2 million barrels of crude from the Strategic Petroleum Reserve (SPR) to oil companies in an effort to ease soaring prices driven by the ongoing war on Iran, according to Reuters.

The initial loan covers 52% of the up to 86 million barrels the administration planned to release last week, with the broader plan aiming for 172 million barrels to be delivered through this year and into next.

Companies receiving the SPR loans include BP Products North America, Gunvor USA, Marathon Petroleum, and Shell Trading, the US Energy Department said.