US solicits exchange of up to 17 million barrels of oil from strategic reserve

The ​United States has issued ​a request for ‌proposal for ​an exchange of up to 17 million barrels of crude oil ‌from the nation's Strategic Petroleum Reserve, the Department of Energy said on Friday.

The exchange would be part ‌of a global deal the US struck in Marchto ‌try to control fuel prices impacted by the war on Iran. Washington agreed then to loan 172 million barrels ⁠of ​oil from the ⁠SPR as part of a wider deal with about ⁠30 countries in the International Energy Agency to release 400 ​million barrels from reserves around the world. The US had ⁠previously offered to loan the last batch from the March ⁠deal ​in June. But the US revealed later that month that companies, required to pay premiums ⁠of up to 24% in the form of extra barrels ⁠of ⁠crude returned to the SPR, only agreed to borrow about 500,000 barrels.