US to release 40 million barrels from strategic reserve

The US Department of Energy has decided to bring 40 million barrels of oil from the Strategic Petroleum Reserve to market amid a fuel crisis linked to the Middle East conflict.

Applications to loan crude from government stockpiles are now being accepted, with a deadline of October 6. Supplies will come from the Bryan Mound and Big Hill storage sites in Texas.

Companies will be required to return the oil within two years, between summer 2027 and the end of 2029.