US to release 40 million barrels of crude from Strategic Petroleum Reserve

The US energy department said on Tuesday it is offering to loan energy companies 40 million barrels of oil from the Strategic Petroleum Reserve (SPR), in an effort to control soaring fuel prices ahead of the US midterm elections. The US agreed in March 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 (IEA) to release 400 million barrels. In June, the Trump administration offered to loan the last 40 million barrels from that IEA agreement, but revealed later that month that companies only agreed to borrow about 500,000 barrels. Reporting by Reuters